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Noela · 04-19-2009, 02:59 PM

This may be slightly off the thread's topic - if so
I apologise.

Snippets from an article in today's "Observer",
Sun.19th April, by Will Hutton.

Will Hutton is a well-known commentator on
political and economic issues and (I.M.O.)
usually makes pretty good sense.

"For this recession is palpably the result of the
collapse of what was, in effect, a gigantic pyramid debt selling scheme. The City's (i.e. London's) rise was feted
by politicians across the political spectrum,.......
confusing Ponzi finance as innovation and creativity.

"The desire to stick to orthodoxy, though, is very
strong, even if it has ended in disaster. What is
striking about the last 20 months is how unwilling bankers, regulators, officials and ministers have been
to accept that the free market of the last 30 years is redundant, intellectually and financially.

"Nor have the bankrs really learnt any lessons.
In the US, Goldman Sachs and JP Morgan Chase
want to pay off the US government's investment
and get back to what they were doing, the state
that created the crisis.So do their British
counterparts.

"We need the state to build a banking system that
supports enterprise and innovation, rather than
making fortunes for its personnel from gigantic
Ponzi schmes.

"THE OLD BUSINESS MODEL IS BUST." (my caps.)

04-19-2009, 02:59 PM	#7
Noela Avalon Senior Member Join Date: Oct 2008 Posts: 205	Re: The Goldman Sachs Conspiracy This may be slightly off the thread's topic - if so I apologise. Snippets from an article in today's "Observer", Sun.19th April, by Will Hutton. Will Hutton is a well-known commentator on political and economic issues and (I.M.O.) usually makes pretty good sense. "For this recession is palpably the result of the collapse of what was, in effect, a gigantic pyramid debt selling scheme. The City's (i.e. London's) rise was feted by politicians across the political spectrum,....... confusing Ponzi finance as innovation and creativity. "The desire to stick to orthodoxy, though, is very strong, even if it has ended in disaster. What is striking about the last 20 months is how unwilling bankers, regulators, officials and ministers have been to accept that the free market of the last 30 years is redundant, intellectually and financially. "Nor have the bankrs really learnt any lessons. In the US, Goldman Sachs and JP Morgan Chase want to pay off the US government's investment and get back to what they were doing, the state that created the crisis.So do their British counterparts. "We need the state to build a banking system that supports enterprise and innovation, rather than making fortunes for its personnel from gigantic Ponzi schmes. "THE OLD BUSINESS MODEL IS BUST." (my caps.)