Bookends.The financial crisis

Flavius — Thu, 19 May 2011 13:08:05 +0000

Bookends

.The financial crisis starts with what Father O'Malley would call a sin-inducing a family to sign on to a mortgage which will inevitably lead for them to the heart break of homelessness ,and for society to for example , the entire population of Ireland facing years of privation.

And ends with what Rabbi Herschel would label a sin- the banks criminal foreclosure of mortgages to which they can't demonstrate ownership..

Regretably we irreligious need some other designation. Capitalism, I guess.

In the 50s Galbraith wrote "American Capitalism, the concept of Counterveiling Powers".

(At a social event years later I was unwillingly dragged up to him by the host. Desperately searching for something not stupid to say I told him that that book had shaped my thinking.He looked as if he really wished I'd said something else!)

But applying his concept , face it,, the inevitable effect of self interest working through a market economy is something like this financial crisis. Unless opposed by an equivalent counter veiling power,

Maybe there isn't a fix. Maybe it's a cocktail of fixes. One simple minded one could be to recoup the ill gotten gains .If we can't stop them stealing , take the money back. Just reinstall the 1956 tax code with a 90% tax rate on marginal income..

I am sorry I missed this,

Richard Day — Thu, 19 May 2011 02:43:52 +0000

In reply to The Mortgage Crisis same old , same old

I am sorry I missed this, although you are up for another day anyway.

You have good ideas here.

We know what went wrong even when the felons would have you believe fairy tales.

But how do we fix the problem, not that legislators will consider our ideas!

We must 'key in' on those sins that hurt most Americans and with one in eight homes in foreclosure over the last few years, most Americans have been hurt one way or the other.

At any rate you have me thinking and I can add this to my working paper.

dagblog - Comments for "The Mortgage Crisis same old , same old"

Bookends.The financial crisis

I am sorry I missed this,