Blog Posts

There otta be a law

Gillian Tett in today’s FT

Why have so few bankers gone to jail in the wake of the financial crisis…Why….  Bernard Madoff (is) now sitting in jail, while all those faceless people who conjured up subprime loans or dodgy .collateralized debt obligations are not?

……To be sure the financial industry is dangerously powerful; and some bankers have behaved in ways that were immoral. But whether (they) have actually broken the law is less clear cut.


by trying to face facts.

This started as a comment elsewhere but I decided to nail it to the church door.

Of course I don't defend our system, who does? But I plead guilty to being defeatist about changing it. In all sincerity I'll wish good luck to those who try, but from the sidelines.

Not that I'm always there. I spent an hour yesterday with my state representative and days in November going door to door for another candidate. Despite all the things that are wrong with our system, I believe in try to fix things that I think can be fixed.


Wisconsin had to abolish the public sector employees' right to collective bargaining ( and really to unionization) because the State couldn't afford it. And could do that in a bill not requiring a 20 member quorum because it had no fiscal implications.

I see. 

And the voters should see.

Whatever the tactical argument until now for the Administration to stay on the side lines and let the democratic senators carry the ball, now it's time, more than time, for Obama to say Which Side We Are On.

Ah, yes.

Musee des Beaux Arts


Of Envy and Upside

In the discussion of  "overpaid"  Public Service workers, some one compared them with young lawyers carrying a  heavy debt load acquired on the way to passing the bar. And wondered whether those lawyers might resent the PS workers.  Or vice versa (I  wondered).

Let us assume that Joe Taxclerk might be fairly confident that some day he'll reach $60K/year. And young Sally Lawyer might hope to reach that - but can't be as sure as Joe.

There is no fiscal crisis

There's a political one. We have to stop electing supply side republicans.

Collective Bargaining should be a constitutional Right.

That's my position. To which no doubt a popular response will  be: who cares?

Probably law schools expend millions of class hours exploring the criteria for any "right" even to  be worth considering for elevation to that level ... I say "probably" not actually knowing never having eased my anatomy into a seat in a law school ampitheatre.  So I'll happily  stipulate the subject is above my grade of pay. Before  proceeding  to discuss it.

The News from all over-

Excerpts from one day's copy of the FT

"Europe looks depressing. When you go to Asia ...they are always talking abut how they can make more money.......... Jurisdictions that are planning to require their banks to.......guard against another crisis ..will see higher risk activities migrate elsewhere. CEO of UBS


Repeat after me "Unions protect workers"

Polls seem to show that the unions are winning the PR war over collective bargaining by public service employees. No thanks to the media.

Joe Lunchpail probably dislikes Obama and thinks the Government's spending too much  on Welfare. But he knows how things work on the shop floor. Where the boss says the day ends when he says it ends, And only pays as much as he's forced to by the law or the contract.

As to the law, Joe may not follow politics that closely but he knows what the Republicans think about regulation. 

Ramona asks

But seriously, how bad are the regulations here in the U.S?  Does anybody really know?  Is it a case of any regulation being a bad regulation?


Well yes as far as Industry is concerned. 

Unless they're universal.



Member for
7 years 7 months

Latest Comments