New rant by Janet Tavakoli

[bcassill]

She was at the same conference as Volcker. Has some very interesting additional comments. Essentially:

1. The giant bankster still think they did not do anything wrong.

2. They fully deserve to be forever tied at the hip to the taxpayer for bailout subsidies.

3. The banksters yet again prove themselves to be a bunch of greedy morons.

Personally, I say let them have one more round at the bar. When they succeed in crashing the system for good the next time around (since no one will be in any shape to back stop them), the public will handle things the way they did in the Old West with public lynchings. If they are that stupid to continue going down that road after all the money they've already made, well, let's just say that there will likely be a nice party for them...neckties of course will be mandatory.

http://www.zerohedge.com/article/gue...nce-initiative

[marvenger]

Re: New rant by Janet Tavakoli

great last paragraph

'Not all financial innovation is harmful, but it is undeniable that in recent years it was a runaway train that nearly derailed the global financial system. You wouldn't have realized that, if you listened to most of the participants. They chiefly represented the interests of large financial institutions, and the financial system is still attached to the privileged placenta of central banks doling out taxpayer subsidies. Most of the conference reflected the insulated thinking of this protective womb.'

got yo love jim bunning when he told bernanke he was the definition of a moral hazzard, should create a wiki page on moral hazard and just put a photo of bernanke there.