04-21-2016, 09:34 PM
It looks like Wall St. already has forgotten what caused the great recession of 2008. Bernie was right.
http://www.politico.com/magazine/story/ ... eet-213822
I liked the ff paragraph:
A widespread failing in the United States is the degree to which banking authorities treat their charges with undue deference. At the Federal Reserve’s Jackson Hole conference in 2008, the group of bankers and regulators exploded in anger when former central banker Willem Buiter dared to point out the obvious, that the Fed had a bad case of “cognitive regulatory capture,” meaning it “listens to Wall Street and believes what it hears.” Or as German Finance Minister Wolfgang Schäuble put it: “If you want to drain the swamp, then you don’t ask the frogs for their opinion.”
Read more: http://www.politico.com/magazine/story/ ... z46UWmMKYx
Follow us: @politico on Twitter | Politico on Facebook
__________________
Into terror!, Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell
http://www.politico.com/magazine/story/ ... eet-213822
I liked the ff paragraph:
A widespread failing in the United States is the degree to which banking authorities treat their charges with undue deference. At the Federal Reserve’s Jackson Hole conference in 2008, the group of bankers and regulators exploded in anger when former central banker Willem Buiter dared to point out the obvious, that the Fed had a bad case of “cognitive regulatory capture,” meaning it “listens to Wall Street and believes what it hears.” Or as German Finance Minister Wolfgang Schäuble put it: “If you want to drain the swamp, then you don’t ask the frogs for their opinion.”
Read more: http://www.politico.com/magazine/story/ ... z46UWmMKYx
Follow us: @politico on Twitter | Politico on Facebook
__________________
Into terror!, Into valour!
Charge ahead! No! Never turn
Yes, it's into the fire we fly
And the devil will burn!
- Scarlett Pimpernell