“sorry, i am not talking about Bloomberg or Economist,
Neither one has shown much insight on this. While everyone is staring at main-stream media that has missed the entire thing, those that have warned are still put aside as outsiders and cranks.
Of course a spectacular broadside is appealing, while differentiated reasoning has been all but abandoned... it is the usual love affair with sensationalism... one of the reasons why Palin is on the front page.
I am afraid this issue is too important to be degraded to the usual mud-sling. Congress already knows that we are angry. Where are the solutions?
First you tell me when uninformed rage has helped overturning corrupt structures and a defunct political machinery?
I know it feels good to rail, but it is not helping.
What will help: inform yourselves, really understand what is going on. This is a big crisis, that will dwarf the Great Depression. It is in yours and every humans interest to inform themselves and pressure their representatives to change.
Since the political will in Washington is clearly missing, we, we people have to create it.
But it doesnt grow on childish attempts to throw tomatoes at the first likely target.”
“Torero is quite right (and let me state here that I have no stake in Goldman or any other financial institution, nor am I employed by one)
But I do happen to be a financial expert (I resigned from asset management in 2006. I have, like so many others, seen this crisis coming and have warned about it for years)
The corrupt structure in politics is nothing new and is a big part of the issue, so much i give Taibbi.
But you are not going to change this with this kind of simplistic journalism that discredits serious analysis.
There are many well informed financial experts out-there.
Certainly, it needs some work and dedication to really understand what went wrong.
But given the gravity of the situation it is a particularly sad cop-out to look to the rolling stone magazine for solutions.
for me it is www.eyeofthestormbook.com that says it best.”
ErnestineBass on Jul 4, 2009 at 20:02:45
“I must respectfully disagree with your last statement.
Taibbi's article was well-written, and more importantly, written in a manner its targeted audience finds appealing.
I doubt as many tweens to thirty-somethings regularly read Bloomberg or The Economist as read Rolling Stone.”
“Matt Taibbi and the Rolling Stone are not helping.
Goldman and Co have got a big hand in what happened... but Taibbi is clearly unable to grasp the dynamics of financial markets.
The real issue is the lack of political will to deal with the financial industry in an informed and ruthless way.
This political will to finally engineer sensible policies will have to come from places like the Huffington Post, the grass roots (not unlike the Go Green movement). Dont look to Washington for solutions.
But for that to happen we the people need to inform ourselves better and Taibbi and the Rolling Stone are the wrong place to look.
I have found this place very informative www.eyeofthestormbook.com
C'mon people, we can do better than tha.”
ErnestineBass on Jul 3, 2009 at 22:06:07
Hell,man, at least Taibbi brought it to the attention of the mainstream...HOW exactly, can that not help?”
“There is such a thing as privacy, even for a public figure.
The hypocritical and completely myopic obsession with sex in this country is laughable and sad at the same time.
The inability to detect and discuss the RELEVANT is one major reason we find ourselves in a political and financial crisis.”
“A key shortcoming of today’s policies is the weak and timid dealing by governments with the major banks. Given the background and quality of their asset explosion during the past 7 years, we can safely assume that any bank of substance today that had to keep up with the industry trend in the heyday is in reality now broke. Nothing short of swift, decisive, and authoritative action can fix this.
“The all-pervasive adoption of Modern Finance within the financial sector has changed the financial industry profoundly. Today’s focus is primarily on derivatives, but more important is just how Modern Finance has changed the fundaments of risk management, the measurement and perception of risk, and business models applied within the financial industry.
Our commercial banks, the core businesses in our financial system and the wheel that makes the world go round, were led astray by Modern Finance. To date there has been little discussion of the practices of banks and the activities they have become involved in, most of which they are entirely unsuited for. banks left behind their legacy and experience in what can be termed “relationship banking” and entered the newer world of investment banking and asset management. In the three years prior to 2007, the 400 largest banks globally doubled their books to $55 trillion, more than total world GDP. But not only are banks ill qualified as investors, they also (along with most of the financial industry) erred in applying the concepts of Modern Finance in entirely inappropriate ways and spearheaded a mass dissociation from real economic risks.”
it really pulls it all together, makes a lot of sense.
We ought to inform ourselves and pressure our political representation to act in our interest.
The political will to take the tough decisions necessary will hardly develop in Washington, it has to come from the people whose urgent interest must be to reverse current policy action.”
vippy on May 26, 2009 at 07:52:13
“Easy solution. Once we realize that both parties are basically the same, only furthering their own interest, as we saw with the new credit card revision. we vote incumbents out of office, then after 4 years we vote in new people. This way they will get the message - but only then. However, I don't think the people are ready for this yet and therefore the suffering will continue. Hopefully, it will hurt more people so they wake up.”