| Subject: | FWC: Gambling with Other People's Money by Russell Roberts |
|---|---|
| Date: | Tue, 4 May 2010 10:03:04 -0700 |
| From: | Jas Jain |
A Glimpse Into the Practices of Financial Nazis of America
Gambling with Other People's Money by Russell Roberts:
http://mercatus.org/publication/gambling-other-peoples-money
"In this paper, I argue that public-policy decisions have perverted the incentives that naturally create stability in financial markets and the market for housing. Over the last three decades, government policy has coddled creditors, reducing the risk they face from financing bad investments. Not surprisingly, this encouraged risky investments financed by borrowed money. The increasing use of debt mixed with housing policy, monetary policy, and tax policy crippled the housing market and the financial sector. Wall Street is not blameless in this debacle. It lobbied for the policy decisions that created the mess."
Merely a glimpse; there is lot more to the evil practices that took place under the leaderships of Greenspan-Weill-Rubin-Summers-Bernanke. Four of them used governmental powers and one of them, Weill, used them. The last two are now in control of the governmental polices supported by lot of lower ranked players. The first three were fully responsible for the repeal of the Glass-Steagall Act. The evil in America has taken the financial form. Those who do not resist and condemn evil in the strongest terms are guilty of promoting evil.
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