Thursday, September 25, 2008

Brown meets Bush

Gordon Brown will also meet Tim Geithner, head of the New York Federal Reserve, today.

Alan Greenspan, former Fed chairman, had counseled Congress not to overregulate the banks and to eliminate the Glass Steagal Act which kept a wall between traditional banking and investment banking. Without regulation the market grew 100 fold over the last seven years.

IMO: I am not clear what Brown has to do with this, the least the better I would perhaps hope.Bringing back a new and perhaps stronger version of Glass-Steagal and other semi-socialist measures probably wouldn't be bad. Brown is supposed to be a socialist, perhaps he should give Bush some socialist advice. I have pointed out again and again that the fault was primarily with McCain's lack of judgement, and why, even though the Dems ran the show at the time. Greenspan made many 'mistakes', some not too obvious to me. Hard to see why the banks should have been allowed to take so much US taxpayer's money, though. Criminal political involvement at high levels, often Republican, is certain. Anyway tighter regulation is certainly involved with the answer. Whether more money should be paid to the jerks who call themselves bankers and economists is for the US public to decide. They should maybe change the name of the 'Republican Party' to the 'Reaganomics Party'.

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