People, i.e. Bankers, can be so full of it as to be remarkable. This article chose to sketch out How bankers may not be as important as they proclaim. Here are some of the actions I find both humorous and disturbing: Bankers protest they are necessary to carry on and complete current operations–those operations are operating at a loss, and should be discontinued; only Bank leadership can understand the intricate bank operations, but State and Federal auditors come in and insist no one even touch a computer key or shred a single piece of paper, so a complete audit can be made without deception within hours; Bankers claim they cannot be replaced as their operations will not be understood by Others, yet often join in a chorus in favor of bringing in some Salvation figure to head the Bank, who often have little or no banking experience–while, in practically the same Sentence–maintaining their absolute essentiality. I often thought I would like to run a Fed Reserve Bank, imagining I might be as qualified as other Candidates; but if qualifications are even considered, I would probably be given a Country Post Office to operate, so I have never contemplated federal Civil Service.
Gary Becker and Kevin Murphy dislike the ‘Cure’ to the global recession which is being proclaimed by Governments all over the World. They fear what the resultant Regulation and Protectionism will bring, outlining How government action could ‘kill the goose that laid the golden eggs’. I do not much fear Regulation, due to the ineptitude of Government auditors, and even favor some Protectionist measures which actually facilitate Trade Profits. I know that Business leadership will always design methods to fill their own Pockets, though the Pockets of Investors may not be equally rewarded; this meaning that there will be Recovery, though it might take a while to confuse Investors with money as to the largesse of business opportunity. Read these people for the worth of their ideas, but remember with charity their preconceived attitudes on the Subject.
I went looking for something to close Today’s Post, and found little I would use, so I decided to write my own; a probable calamity as proposed by Some. The FDIC lost an estimated $10 billion on IndyMac Federal, and FDIC has publicly asked for greater funding because of estimated future Costs of protecting Depositors; like these individuals are not also Taxpayers. The Proponents of Regulation like to condemn huge Corporate bonuses, as I do, but think nothing about assigning themselves Pay Packages equivalent to the Corporate sector; reminding of that dude (forgot the Name) who awarded himself $140 million for running the SEC for a few months. Everyone has their Hand in the Till, and it is probably essential, yet Taxpayers are tired of having their Money spent by the Greedy. Congress should be required to admit to the degree and number of Pay Raises they have rewarded themselves over the years, with a graph comparing this Curve to growth of GDP. I must admit myself to a desire to be a Pain in the Rear. lgl