“While everyone enjoys an economic party the long-term costs of a bubble to the economy and society are potentially great. They include a reduction in the long-term saving rate, a seemingly random distribution of wealth, and the diversion of financial human capital into the acquisition of wealth. As in the United States in the late 1920s and Japan in the late 1980s, the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights. Whenever we do it, it is going to be painful, however.”
Larry Lindsey, Federal Reserve Governor, September 24, 1996 FOMC Minutes
“I recognise that there is a stock market bubble problem at this point, and I agree with Governor Lindsey that this is a problem that we should keep an eye on… We do have the possibility of raising major concerns by increasing margin requirements. I guarantee that if you want to get rid of the bubble, whatever it is, that will do it.”
Alan Greenspan, September 24, 1996 FOMC Minutes
And in some ways, it creates this false illusion that there are people out there looking out for the interest of taxpayers, the checks and balances that are built into the system are operational, when in fact they’re not. And what you’re going to see and what we are seeing is it’ll be a breakdown of those governmental institutions. And you’ll see governments that continue to have policies that feed the interests of — and I don’t want to get clichéd, but the one percent or the .1 percent — to the detriment of everyone else.
Neil Barofsky in a 2012 interview with Bill Moyers
“Donald Trump wasn’t actually a successful businessman at all, not in the normal sense anyway. He was an economic magician (or, in classic American terms, a con man) who regularly ground business after business — a set of casinos (at a time when other casinos were thriving), hotels, an airline, and a series of other endeavors ranging from Trump Steaks to Trump Vodka to Trump University — into the dust of bankruptcy or failure. What made him such a magician was that, in case after case, his greatest ‘business’ skill proved to be jumping ship, dollars in hand, leaving those who trusted him, had faith in him, believed in him holding the bag.
He had a history of screwing anyone who relied on him, whether we’re talking about the investors in his Atlantic City casinos or a bevy of small business types and others who worked for him — plumbers, waiters, painters, cabinet makers — and were later stiffed. In other words, Americans elected a bankruptcy king as their president and character will tell.
There really are no secrets here. In the end, Donald Trump clearly cares about nothing but himself (and perhaps his family as an extension of that self). Whether in his first or second term (should he win again in 2020), if things start to head south economically, count on this: he’ll repeat his well-documented history and jump ship, leaving the American people, including that beloved base of his, holding the bag.”
Tom Engelhardt, Donald Trump Will Bankrupt America
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Yes, of course trump is a con man. All successful politicians are. But they are to be expected. “You can’t cheat an honest man” is a moral imperative. You either voted for him or voted your acceptance of the system that con men thrive in and honest men, like Ron Paul, get laughed out of town .
“This is a day we can celebrate as an American day … the Glass-Steagall law is no longer appropriate for the economy in which we live …today what we are doing is modernizing the financial services industry, tearing down these antiquated laws and granting banks significant new authority. This is a very good day for the United States.”
….Bill Clinton, signing Gramm-Leach-Bliley into law, 1999
That last quote just had to be a dig at The Donald.
Makes me wonder if the Admin at TBP suffers
from a nasty case of Trump Derangement Syndrome (TDS).
Pretty soon he might start flailing his arms, crying,
and shouting at the sky. I think self medication might
be in order.