Must Watch Video: Ratigan on Banks, Goldman, TARP, etc., from a Libertarian Viewpoint

Quote from risktaker:

Does the gov pay $mil bonuses too?
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Yes. First you must spend a few years w/the SEC or Treasury or the Fed "regulating" the likes of Citi, GS, JPM, BAC, ... Then you may leave the gov't job for a job w/one of the entities you have been "regulating", whereupon you will receive bonus after bonus after bonus. Now, with your millions safely put away, you can move back to gov't in a more senior position which will allow you to make sure that no harmful regulations or laws are passed that would cause harm to your old banking buddies. If you're as lucky as Hank Paulson, you might even get the opportunity to write nearly $1 trillion in US Treasury checks to your banking brethren.

This is not the country I was born in, and this is not the country I want my kids to grow up in.
 
thats why he is not in CNBC anymore...he gave the banks hell on fast money..i knew his time was short then. good for him!
 
Quote from ralph00:

Yes. First you must spend a few years w/the SEC or Treasury or the Fed "regulating" the likes of Citi, GS, JPM, BAC, ... Then you may leave the gov't job for a job w/one of the entities you have been "regulating", whereupon you will receive bonus after bonus after bonus. Now, with your millions safely put away, you can move back to gov't in a more senior position which will allow you to make sure that no harmful regulations or laws are passed that would cause harm to your old banking buddies. If you're as lucky as Hank Paulson, you might even get the opportunity to write nearly $1 trillion in US Treasury checks to your banking brethren.

This is not the country I was born in, and this is not the country I want my kids to grow up in.
More...

+1
 
Wow!

The only suggestions that sort of makes sense though is to pay with cash as much as posssible, and to move cash to small banks.

Even those have two problems:

1) Small banks can be in trouble, and if you are not ultra careful, you can be jumping from the frying pan into the fire.

2) Paying with cash is sometimes impossible. For example, I am beginning to use the AMZN cloud. You need a CC for that. In fact, many businesses cannot function without one. On the other hand, this is a fault of the businesses themselves. You can do automatic check withdrawals from your bank without the use of CCs. It is just not as simple to use, and of course, it does not provide short term liquidity you may not have.

Finally, people say that firms like GS are good for this country. I suspect that is probably correct. If GS did not exist, some foreign bank may do the same thing, and instead of Americans getting rich, it would be some foreign entity getting rich. So firms like GS may be the lesser of two evils. Blame the system, not the messenger or the players.

Believe me, I understand the frustration well documented by this video. We should be a little careful what we wish for though.
 
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