Simon Johnson: Stress Tests Are "A Whitewash"

[kafirpigdog]

We have to bust up these fraudulent mother f%^kers before they do another number on the economy. Johnson, Marcy Kaptur, Elizabeth Warren Wallstreetpro2 they get it. We need Teddy Roosevelt and have Mr Hope and Change.

[TedinLasVegas]

Looks like D'ohBama wants to "refloat the bubble" rather than fixing the problem.

Looks like D'ohBama has more in common with daBush than libs want to admit. Bush was a liberal Republican - at least economically - and his liberal economic policy, built on top of Clinton's and Bush Sr.'s liberal economic policy is what got us into this mess.

NOW, D'ohBama is using the the same policies to dig the hole deeper and wider so that more Americans will fall into poverty and despair.

[bbburton]

Amen! Too big to fail? Break them up!

[CynicalSavior]

Please someone tell me why the government doesn't do this?

the concept of "Too big to fail = Too big to exist" makes perfect sense, so what reasonable argument does anyone have against it?

[DoctorMeh]

The standard argument against regulation. The anti-trust in laws were in place but were pushed back over the years by the very institutions that are failing now.

Our parents went along with it because they liked cheap shit and feeling rich, unfortunately we (the kids) get to pay for it now. Yay.

[milkgodnl]

What seems to make Simon Johnson such an effective voice .. is that it is not entirely clear what voice he really represents. His first few sentences appeared heading toward Club for Growth prescriptions, then he made a sharp turn ending with enforcing anti-trust laws.

[marniespeaks]

he's right

[entropyfu]

The banking sector should support the economic priorities of the nation. Nationalize them and break them into smaller entities that are not too big to fail.

[gisforgary]

hey -- someone that understands finance. i don't know why more people don't.

[taoofmichael]

ENTROPYFU -- You have it exactly right. And briefly stated too!

[maskedphrogg]

entropyfu is so far off the mark it's not even humorous.

Nationalize the currency -- bring back Constitutional money managed by Congress as is explicitly stated in the US Constitution -- and you lose any need or desire to nationalize banks.

When Woodrow Wilson signed off on privatizing the supply and management of US currency with the Fed Reserve Act in 1913 he turned over control of the nation to a private cartel whose interests are by definition not those of the Public.

[volumedealer1]

Um Robn Paul has been saying these for quite a while longer on this issue but TPM can't feature hin in videos...can they?

[entropyfu]

Google Robn Paul

[volumedealer1]

Google "go eat a eat"

[taoofmichael]

USE ANTI-TRUST!!!

Yes!!!

Somebody finally said it!!!

Break up the "too big to fails."

[jimwal2008]

Ron Paul has been saying to 'simply' let them fail, not nationalize them. That is the opposite viewpoint.

[marniespeaks]

and Peter Schiff

[1samothrace77]

The problem with the economy is that the American people are starting to wake up. We are starting to see how "The borrower is slave to the lender". consumerism is on the decline and along with that indebtedness will also be on the decline and banks are the only ones that will suffer, but they will try to drag us down.

[voyeurdug]

I don't know, and I doubt even one percent of the so-called experts actually know... what a "stress test" even is... much less what the results might indicate. Meanwhile, stock markets in other parts of the world aren't even looking at ours (NYSE/NASDAQ, etc.) even as a reference. They're recovering nicely, no thanks to us.

[Richardgwm]

Nationalize the banks; break them up; bring back Glass-Stegall; and impose a capitalization cap on the size of banks.

[ljrichardson84]

Agreed. Agreed. Agreed. Take the lumps indure the pain and build a better tommorrow from the ground up.

[sexdrugsRnR]

Nationalizing banks is not 'ground up' its 'top down'

[WKaliberr]

Israel is good

[ubuibiok]

★★★★★

[robinvan1983]

day of reckoning? is he a christian?

[cpricejones]

who knows? but it is a decent metaphor for something catastrophic

[greenoutlawgreen]

I don't get what the people in government are even thinking. They act like they know the problem and yet the solution is to keep doing more of the same thing that got us into the mess! Everything else in life follows the rules I don't see how the economy would be different. If someone wants to stop drinking, they don't get another drink. If someone wants to pay off their credit card debt, they don't buy more things with the credit card. Once the economy follows common sense it'll be fixed.

[sexdrugsRnR]

single monetary system = anti-free market