So this is what it's come to...

[jk]

Re: So this is what it's come to...

From Jesse's http://jessescrossroadscafe.blogspot...estrained.html

12 October 2009

Stiglitz: The Banks Must Be Restrained

"We will have another armed robbery unless we prevent the banks, the banks that are too big to fail. We should say that if you’re too big to fail then you are too big to be. They need more restrictions, such as no derivative trading.” Joe Stiglitz

If a Nobel Prize winnter in economics says the obvious, besides a few diligent bloggers, perhaps other economists will obtain 'air cover' in speaking about the economic and regulatory absurdity taking place today in the US and the UK. Winning the Nobel is even better than tenure.

Here is a video of his speech in Brussels, because this Bloomberg article leaves out some of the more 'pithy' remarks on the Wall Street banks from Joe Stiglitz from the Brussels banking conference, although characterizing the bailout pushed through Congress as "armed robbery" strikes a resonant chord.

Can you imagine if Joltin' Joe was the Fed Chairman, and not Gentle Ben? An exchange between Congressman Grayson and Fed Chairmain Stiglitz could be a smash hit on Pay-Per-View.

stiglitz is the most-referenced economist alive today- but tptb manage to tune him out, along with fellow nobelist paul krugman, simon johnson [formerly head economist at the imf and now at mit], and others. there's a quote out there i can't quite recall- something about the difficulty of getting someone to understand something, when that understanding is contradictory with his manner of earning a living.

[ggirod]

Re: So this is what it's come to...

just trying to play on our natural sympathy for geriatric criminals!

Now this plays on sympathy and classic humor
[media][/media]

[ViC78]

Re: So this is what it's come to...

there's a quote out there i can't quite recall- something about the difficulty of getting someone to understand something, when that understanding is contradictory with his manner of earning a living.

It is difficult to get a man to understand something when his job depends on not understanding it.

Upton Sinclair
US novelist & socialist politician (1878 - 1968)

[GRG55]

Re: So this is what it's come to...

A tid-bit courtesy of Zerohedge:

Profits And Baby Formula – Our pal, Rich Yamarone, over at Bloomberg picked up an eye-opening statement made by the Wal-Mart CEO last week.

"I don't need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher."

Talk about shopping only for necessities. The mid-night trip for baby formula says it all.

[sunskyfan]

Re: So this is what it's come to...

Yep ... I have seen it with my own eyes. It was even more of a nightmare than a normal trip to Wal-Mart.

[GRG55]

Re: So this is what it's come to...

A Funny Thing Happened in NJ's Tent City Lawsuit — a Compromise

For the past 10 years homeless men and women have called the woods off of Cedar Bridge Avenue and Route 88 in Lakewood, New Jersey home. However, just two weeks ago the Township of Lakewood filed suit against them. The lawsuit called the homeless "trespassers" who have done "irreparable harm" to public property. The battle lines were clearly drawn. Miraculously, a compromise was reached this week.
As long as the camp does not grow or expand, the homeless who have made this settlement home can stay until adequate shelter is found. This compromise has quelled the fears of those who live in the tent city and has bought advocates and officials more time to figure out a more permanent housing solution...

[tsetsefly]

Re: So this is what it's come to...

Yep ... I have seen it with my own eyes. It was even more of a nightmare than a normal trip to Wal-Mart.

I think I have seen this also, is it where they lay all the carts out and fill it with basic needs? ... Maybe I am wrong but all the carts are set out with stuff in them as if destined to charity...