fabulous five
The Alberton Papers Vol. VII, #VII
By Dick Darne 11-8-08
"Ah wunnerful, a truly great day here where it’s morning in America again!" exclaimed Professor Sven, as the crowd filed into the Think-Tank.
"Who’s to blame for the financial crisis?" several voices were asking at once.
"Let’s get right to it, although ‘what’ would be easier to answer than ‘who’, anybody want to guess what caused it, how about you, Johnny?"
"No doubt, Greed did." answered Johnny.
"Let’s not forget the spawn of Greed; Larceny, Arrogance, Corruption, Vainglory, Pigheadedness and Worship of a failed ideology." added Bill.
"Can anyone expound on that?" asked Sven in his professorial manner.
"Free market, free trade, the absurd ideas of Ayn Rand" said Todd.
"A bunch of Laissez-Faries, if you ask me." some old grouch hollered from the back.
"Ah wunnerful, wunnerful. You boys get the general idea just fine, but lets get to the actual blame. Plenty to go around, but lets get to the big five. A one and a two and away we go."
1) Phil Gramm. In 1999 he was head of the Senate Banking Committee, where he had enough clout to push for some of his bad-for-us, good for Phil and friends ideas. He was the architect of the repeal of the Glass Steagal act, which very well would have prevented this mess. But wait, there’s more; he slipped a little provision into an 11,000 page appropriations bill just before Christmas break in 2000 that prevented regulation or even monitoring Derivitaves, those pesky, little understood things at the heart of the mess, designed solely to line the pockets of the "really-smart wall street guys"
2)Alan Greenspan. Head of the Federal Reserve for almost 20 years, he is an Ayn Rand worshiper, having drank copious quantities of her kool-aid, he allowed this mess to happen, still believing in the "invisible hand" making minor course corrections in the sailing of the USS Financial-Ship and believing with all the fervor of Linus in the Pumpkin Patch that the great unwashed would be bathed in the trickle-down deluge coming soon at an undetermined time and place of their choosing.
3)Chris Cox. He weakened enforcement while at the Securities and Exchange Commission
4)William Donaldson. He preceded Cox at SEC, while there he did a big favor for the Bankers by exempting them from the rule that required them to keep an adequate amount of cash on hand to cover potential losses.
5)Henry Paulson. Absolutely amazing that a bank robber would be put in charge of getting the bank up and running after he just robbed it.
"We’ll just have to take a break until next week to determine just how to handle this, so until then this is Sven Berkowitz, Professor at the North Dakota Institute of Financial Technology signing off. One and a two, turn on the bubble machine.
Until then, dd
By Dick Darne 11-8-08
"Ah wunnerful, a truly great day here where it’s morning in America again!" exclaimed Professor Sven, as the crowd filed into the Think-Tank.
"Who’s to blame for the financial crisis?" several voices were asking at once.
"Let’s get right to it, although ‘what’ would be easier to answer than ‘who’, anybody want to guess what caused it, how about you, Johnny?"
"No doubt, Greed did." answered Johnny.
"Let’s not forget the spawn of Greed; Larceny, Arrogance, Corruption, Vainglory, Pigheadedness and Worship of a failed ideology." added Bill.
"Can anyone expound on that?" asked Sven in his professorial manner.
"Free market, free trade, the absurd ideas of Ayn Rand" said Todd.
"A bunch of Laissez-Faries, if you ask me." some old grouch hollered from the back.
"Ah wunnerful, wunnerful. You boys get the general idea just fine, but lets get to the actual blame. Plenty to go around, but lets get to the big five. A one and a two and away we go."
1) Phil Gramm. In 1999 he was head of the Senate Banking Committee, where he had enough clout to push for some of his bad-for-us, good for Phil and friends ideas. He was the architect of the repeal of the Glass Steagal act, which very well would have prevented this mess. But wait, there’s more; he slipped a little provision into an 11,000 page appropriations bill just before Christmas break in 2000 that prevented regulation or even monitoring Derivitaves, those pesky, little understood things at the heart of the mess, designed solely to line the pockets of the "really-smart wall street guys"
2)Alan Greenspan. Head of the Federal Reserve for almost 20 years, he is an Ayn Rand worshiper, having drank copious quantities of her kool-aid, he allowed this mess to happen, still believing in the "invisible hand" making minor course corrections in the sailing of the USS Financial-Ship and believing with all the fervor of Linus in the Pumpkin Patch that the great unwashed would be bathed in the trickle-down deluge coming soon at an undetermined time and place of their choosing.
3)Chris Cox. He weakened enforcement while at the Securities and Exchange Commission
4)William Donaldson. He preceded Cox at SEC, while there he did a big favor for the Bankers by exempting them from the rule that required them to keep an adequate amount of cash on hand to cover potential losses.
5)Henry Paulson. Absolutely amazing that a bank robber would be put in charge of getting the bank up and running after he just robbed it.
"We’ll just have to take a break until next week to determine just how to handle this, so until then this is Sven Berkowitz, Professor at the North Dakota Institute of Financial Technology signing off. One and a two, turn on the bubble machine.
Until then, dd
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