Posted on 08/22/2015 7:00:13 PM PDT by Wilderness Conservative
Back in August 2007, just as the quant funds had their first taste of what the upcoming collapse would look like and when the Fed for the first time realized that the subprime woes were "not contained" despite what Ben Bernanke had promised previously to Congress, financial comedy TV's best known mascot, Jim Cramer had a meltdown on CNBC following Bear Stearns' CFO admission that the fixed-income market turmoil was the worst in 22 years, ranting how the Fed "knows nothing" and how it should promptly bail out the financial system.
Fast forward 8 years when we just witnessed the biggest weekly market rout in 4 years and largest VIX surge in history, and when - like clockwork - the financial "experts" come crawling out demanding, you guessed it, another Fed bailout.
Here is Suze Orman, self-described as "America's Most Trusted Personal Finance Expert" who, hilariously enough, in a Twitter conversation with none other than financial comedy's prime mascot made it quite clear how she feels about the market rout:
(Excerpt) Read more at zerohedge.com ...
[Yep— we have banks too big to fail because there are too few of them. Same with the airlines, internet providers and cable companies, etc.
A lot of industries need severe anti-trust, anti-competitive law enforcement.]
^ this +1, nailed it.
Ah yes, the Paul Krugman cult worshippers are making their commie demands. Debt is good except when repubbies do it.
It’s beyond antitrust, because several industries are organized into oligopolies. The dozen media companies effectively monopolize as a group, and they not only have vertical but horizontal corporate organization, as they have bought up any unrelated media as well.
So the same companies control TV, movies, radio, book and magazine publishing, music and content production, large venue promotion and ticketing, and broad sectors of the Internet.
Fragmenting this is not easy, nor should be done too rapidly, but needs to be both methodical and thorough. Companies split apart should not share in stockholders, directors or proxies, resources and capital, nor can they be permitted to conspire exclusivity with each other in the marketplace, or other restraints on labor or trade.
In addition, the function of corporate boards as watchdogs is largely a joke-- I got a proxy ballot for Chase's board a while ago and appeared that Dimon was putting some college buddies, etc., on the board.
Corporate boards also function as effective bribes for politicians-- How many former politicians get board memberships that are basically $200K/year sinecures from the former people they were supposedly helping to regulate?
Same goes for Federal judges-- How many judges "retire" into partnerships with the firms who brought cases before them?
We're quickly turning into Zimbabwe with snow.
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