Mr. Potter: [to George Bailey] Look at you. You used to be so cocky. You were going to go out and conquer the world. You once called me “a warped, frustrated, old man!” What are you but a warped, frustrated young man? A miserable little clerk crawling in here on your hands and knees and begging for help. No securities, no stocks, no bonds. Nothin’ but a miserable little $500 equity in a life insurance policy. [Potter chuckles] Mr. Potter: You’re worth…
Thursday, October 9, 2008
People have ideological reasons for opposing the nationalization of U.S. banks, in whole or in part, and that’s understandable. But at this moment, the only viable ideological positions seem to be Keynesian or anarchist. Paul Kedrosky summarizes the situation well: People keep talking about the perils of nationalizing the banking system. Newsflash: There currently is no banking system, if by that you mean a network of organizations lending to one another and to quality companies in a predictable way. (Look at…
Thursday, December 18, 2008
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