Thursday, October 30, 2008
Jesse Channels IA
I was preparing a post on an 18 October 2008 WSJ Anna Schwartz interview by Brian Casey. Then I read Jesse's Cafe Americain post that makes most of what I had to say redundant. Here's a link: http://jessescrossroadscafe.blogspot.com/2008/10/bernanke-is-fighting-last-war.html.
Mark Thoma at Economist's View thinks "Schwartz is too hard on Bernanke". I disagree and think she went too easy on him. Repeal the Federal Reserve Act!
"Now that the Federal Reserve and the Treasury Department apparently have merged to reconstitute the Bank of the United States, where is our Andrew Jackson to slay it?", Zev Joseph letter to the WSJ, 17 October 2008. Precisely!
"It is nothing less than astounding that the most perceptive analysis of our credit crisis comes from a 92-year-old economist who is probably unknown to most members of the general public. ... The government's frantic efforts to 'do something' have very much impeded the necessary process of creative destruction that kills of insolvent firms and enables more efficient firms to survive and prosper", Jerry Templeman letter to the WSJ, 22 October 2008.
I wonder if Tempelman has Goldman Sachs (GSG) in mind? I do. Now report IA to Mike Garcia to get IA indicted for treason. Treason? Thinking such thoughts of GSG. How dare you? If GSG failed, the Republic would follow within an hour. Could an investment bank exist that only paid its CEO a $20 million bonus as opposed to the $67.8 million Lloyd Blankfein got in 2007? Treason.