It has the same problem the first two “Federal Reserves” had. It concentrates the money supply and binds the politicians to it. Jefferson and Jackson were correct to kill it in their time. Unfortunately, we are totally out of men with the same quality of character of either of them.
We need not worry about socialism, precisely. Why worry about that when you can set up either an outright kleptocracy or ogligarchy.
The problem as I see it, is that nobody has followed or enforced the law or common sense with regards to lending and Wall Street in quite some time. The SEC does absolutely mothing to stop Naked Short Sells, when that ought to be a career killer if you get caught at it. Nobody thought that having more money than the GDP of the entire planet was a problem. The only people thinking were the ones who realized they could destroy businesses and get rich doing it.
There are four or five hedge fund managers that should be shut down and investigated for their role in all this. The DTCC needs to be forced to have heavy federal oversight. The OCD market either needs to be voided or regulated.
The sad fact is our government has failed. It is largely incapable of enforcing it’s own laws. We may as well have no immigration policy. Anyone on this board can tell you where to go in their town to get a joint. The police operate outside of the bounds of no-go areas, yet enforce the law heavily against the generally law abiding. It has billions that dissappear into a black hole, not waste just lost and no one know’s where it went. That the laws and Wall Street are scoffed at should be no surprise, I guess.
“It has the same problem the first two “Federal Reserves” had. It concentrates the money supply and binds the politicians to it. Jefferson and Jackson were correct to kill it in their time.”
Jackson caused a depression doing that. Correct?
“Nobody thought that having more money than the GDP of the entire planet was a problem. “
Uh, its not. The asset value of USA is about $50 trillion.
“The only people thinking were the ones who realized they could destroy businesses and get rich doing it.”
A) Nobody (or very few) operates on that premise, a B) that’s not what cause this mess. Honest people caught up in a bubble make investment mistakes and engage in investments and decisions that go sour.
“There are four or five hedge fund managers that should be shut down and investigated for their role in all this. The DTCC needs to be forced to have heavy federal oversight. The OCD market either needs to be voided or regulated.”
So you dont want regulations and you want a privatized money system and eliminate the Fed or you DO want regulations and federal-regulated financial system. Make up your mind.
Cant have both!