AN OASIS IN A WORLD OF HACKS, HUSTLERS, AND HIRED SPIN
posted by The Cunning Realist at Tuesday, March 24, 2009
-- "our modern civilizations which compares in importance to [inflation]"--Maybe interest rates charged by financial institutions and PayDay Loans used to fuel our bubble economy.Robyn Blumner: Road to ruin: Usury, greed and paper economy, or Thomas Geoghegan on “Infinite Debt: How Unlimited Interest Rates Destroyed the Economy”--"1978 case, Marquette National Bank v. First of Omaha Service Corp"...."You know, if you are Mr. Potter in It’s a Wonderful Life and can only get six percent, seven percent on your loan, you want the loan to be repaid. Moral character is important. You want to scrutinize everybody very carefully. But if you’re able to charge 30 percent or, in a payday lender case, 200 or 300 percent, you don’t care so much if the loan—in fact, you actually want the loan not to be repaid. You want people to go into debt. You want to accumulate this interest. And this addicted the financial sector to very, very, very high rates of return compared to what investors were used to getting in the real economy, the manufacturing sector, General Motors, which would give piddling five, six, seven percent returns. So the capital in this country began to shift in the financial sector. That’s why the financial sector began to bloat up. That’s why we ended up, by 2006, having a third of all profits going into the banks and the financial firms and not into the real economy."----"This is partly why I worry so much when I see the elites who caused so much of this to happen escaping justice,--You mean that isn't our system. It certainly seems like it for the past 25 years. They get talk radio or cable programs, book deals, become lobbyists, go work for a "think tank" or escape to their personal island.If the arm of the Republican party, the well financed and connected Religious Right, really cared about family values, they would be vocal and outraged with these financial shenanigans that have destroyed families, their hopes, dreams, and retirements. I find their silence particularly telling.
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I am a New York City resident in my forties, an investment professional, and a conservative. I have an MBA from Columbia University.