Celebrity CEO Jamie Dimon has made a compelling case against breaking up major US financial institutions. He cites the advantages inherent to economies of scale and claims that bigger banks are able to get better leverage out of their assets and thereby give average customers like little old me a better deal on financial products.
What doesn’t get mentioned by Dimon and his entourage is the power of moral hazard, the implicit subsidy and the blackmail potential that all come implicitly with being a bank that is too big to fail. Without indulging in paranoia worthy of Beppe Grillo and looking for the Bankster under the bed, we still can make a reasonable case that bigger banks are given significant advantages that exempt them from the laws that mere mortals like little old me are forced to obey if we desire a peaceful life.
I am a citizen of the United States of America by birth, but American by choice. Two very important labels that I am proud to wear. Here are a few others that other people have attempted to apply to me: conservative, liberal libertarian, Italian-American political animal catholic, Mormon moron, american invader, killer pro-life, pro-choice anti-gay, homophobic misogynistic, christian atheist, centrist RINO, republican …and many more. So who cares? THEY do. Why does it matter what | Read More »
… it shows various Democratic convention attendees’ reactions to the DNC’s infamous statement “The government is the only thing that we all belong to.” As you might suspect (or even fear), the attendees featured largely showed support for a political philosophy that wishes to essentially beat to death one of the basic operating principles of the American Republic, then urinate on its corpse.
In doing further research on my constitutional inquiry into whether or not unions & corporations should have the same inalienable rights that I do as an individual, I have found a resolution introduced by a state senator in Washington that calls for a constitutional amendment clarifying that corporations – and in turn unions – are not persons according to U.S. law. A statewide grassroots group | Read More »
“See no evil, hear no evil, speak no evil” is the Japanese maxim for doing the right thing. However, we have come to understand that the logical progression of this philosophy is ‘wishful thinking’ and the ‘ostrich head in the sand’ phenomena. In other words, when in danger, there is an impulse to just pretend nothing bad around you is occurring. That seems to be | Read More »
For many years, and certainly with the benefit of hindsight, we have seen what the HAVENOTS have wrought upon our country and our economy. The HAVENOTS have been led by the community organizers across the country. They have had their way, starting back with Carter (D-GA) and the original Community Reinvestment Act, and the subsequent establishment of Fannie and Freddie MAC. Once the HAVENOTS got | Read More »
John McCain has a 88% rating from Council for Citizens Against Government Waste, while Barack Obama limps to a paltry 18%. Nancy Pelosi beats Obama with an embarassing 14%. Clinton & Biden got zero ratings! It’s a wonder these folks keep getting re-elected. Take a look at the voting records. This is what McCain must hammer home! The US must stop spending or we will | Read More »