Loading ...There is a lot of eye contact between Bernanke and Berne in Washington today. They are intimately discussion how to revamp the financial system so the systematic risk from too big to fail financial institutes is kept in check. Personally, I don’t expect anything from the political whores in Washington who are paid by the very corporations that they are to regulate.
Let me save all those political whores some time and TELL them what the answer. Change the laws so that CEO and executives are held personally accountable for taking risks that cause a company to fail. Letting executives collect millions (in some a billion) in pays while passing on all the risk to shareholders and taxpayers is just not right. Angelo Mozilla and his executive friends for example of Countrywide should be in jail and all his assets removed. Yet, his co criminals are now starting another financial lending organization called Penny May.
Now, with the unexpected double dip coming catching many investors who overpaid for equities off guard, what will the reaction from government and Fed be? Odds are, it will be much of the same. Expect more stimulus, more bailouts, more handouts and sleeping with the enemy.
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