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Volker is losing out to the Wall Street cabal, to Robert Rubin, Larry Summers, Tim Geithner, and Peter Orszag. These are the guys who made and brought you this financial mess.
ReplyDelete"Meet the new Boss,
Same as the old Boss"
Volker, if he could, would rein in Wall Street banks and cost the Big Boys a TON of money just like he did in 1981 and 1982. So out he goes. Into power go the Wall Street bankers, tra-la-la.
The Wall Street banks are insolvent. They are on life support, TARP, and a dozen much bigger programs you never heard of. Senator Schumer of New York recently said that fixing the Wall Street banks' books would take $4 Trillion dollars upfront cash, and that would just be enough for the Wall Street banks and would not be enough to include other large banks, retirement funds, and insurance companies that are valuing junk collateralized debt and other derivatives on their books at above market value.
These bad debts are being pushed down onto the public. The debts the Big Boys ran up are now our debts. We will have to work them off by unemployment, taxes, and inflation.
Disgusting.
Stay out of trouble and don't let them play you for a fool.
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