"The business media have been bombarding us with prescriptions for remedying the nation's financial ills--prescriptions that fly in the face of what [Fed] and Treasury officials advocate. The naysayers are telling us that Ben S. Bernanke and Henry Paulson are clueless or motivated soley by politics. Is this really true? Let's look at three of the main points of contention. ... We don't allow countries to fail; that's why we created the [IMF]. But the media commentators advocate failure for Fannie and Freddie, ignoring the enormous likely cost to the companies' employees, innocent shareholders and the economy as a whole. ... A second issue, closely related to the first, is the concept that capital owners who take excess risk should face 'moral hazard.' ... Those who argue that our mortgage crisis should be resolved by allowing failure to happen are saying that moral principles should prevail over the needs of the economy as a whole. ... But the government needs to selectively intervene for the greater good. ... The dollar should be stabilized at some point to restore confidence and stem the inflationary effects of its weakness. ... At this point I must confess to being too sanguine in the past about our big financial institutions", my emphasis, Richard Lehman (RL) at Forbes, 1 September 2008.
Hey Steve, get the hook. Fire this clown. Don't waste Forbes printstock distributing RL's garbage. Either the Fed kills the dollar or the banks. It's that simple. The poor innocent employees. How touching. Where's RL's concern for poor innocent dollar holders? The "economy as a whole". What does this phrase mean? See my 28 July 2008 post. RL does not accept the "rule of law", just expediency. A modern day FDR. The "greater good". Wow! In Forbes yet. Marx said in 1875, "From each according to his ability, to each according to his need". Apparently RL believes seven and eight figure a year financial executives are among the needy. I wouldn't try to explain the concept of "unseen effects" to RL. Ad hominem attack notice: I conclude RL lacks the IQ to comprehend it.
2 comments:
"prescriptions that fly in the face of what [Fed] and Treasury officials advocate"
This is just moronic. Both agencies have proven REPEATEDLY that they have absolutely no regard for the dollar, the taxpayer, and/or "the greater good of the economy" - which I imagine is meant to translate "the special interests which serve commercial banking" ie Fed and Treasury.
How incestuous.
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