there's magic in micro : test small, then invest big in exponential-up work
does anyone think usa banks are getting better yet
On Pbs last week this extraordinary commentary on the way us banks were ruined
At a Demos meeting today, some revealing comments came from one of the people who works on http://cop.senate.gov/
he went as far as to say what the treasury is doing only makes sense in you think that some of the losses are not real , caused by a current state of fear in the market
SOUNDS LIKE GAMBLERS DENIAL SYNDROME TO ME
the explanation that big bankers are sitting on assets that the markets say are worth about a quarter of what they paid for them, that the bankers dont want to sell them for anything less than 60% which is about what they would need to be solvent
the same guy said that if the losses are eral, then there is only one endgame that has ever worked anywhere else
get rid of the people at the top of those banks that are bankrupt
then work out what the bank is worth honestly
put it in adminstration protecting private depositors but not necessarily many of the others and certainly not the shareholders or the people who got into the mess
so why hasnt obama's team done this-
also on the demos panel was the redoutable robert kuttner
I did force his hand on 2 things
whilst saying he was extremely disappointed with obama team so far on banking, he said he hadnt given up that they might yet end up firing the big bankers - I asked him how long would he give obama before all hop e is lost - he said about 3 months certainly not as many as 6
my second point was: I have never seen social change of the sort you are asking for without youth's involvement but all the research I have done suggests that the way we have explained what's going to youth is not good enough - its hard to see whats at stake with this one compared with any other event youth have stood up for- even though this may have far more disatrous impacts on usa itself than anything I have seen in my lifetime - robert seemed to say yes we do need to help bring youth into the picture of what is at stake
At a Demos meeting today, some revealing comments came from one of the people who works on http://cop.senate.gov/
he went as far as to say what the treasury is doing only makes sense in you think that some of the losses are not real , caused by a current state of fear in the market
SOUNDS LIKE GAMBLERS DENIAL SYNDROME TO ME
the explanation that big bankers are sitting on assets that the markets say are worth about a quarter of what they paid for them, that the bankers dont want to sell them for anything less than 60% which is about what they would need to be solvent
the same guy said that if the losses are eral, then there is only one endgame that has ever worked anywhere else
get rid of the people at the top of those banks that are bankrupt
then work out what the bank is worth honestly
put it in adminstration protecting private depositors but not necessarily many of the others and certainly not the shareholders or the people who got into the mess
so why hasnt obama's team done this-
also on the demos panel was the redoutable robert kuttner
I did force his hand on 2 things
whilst saying he was extremely disappointed with obama team so far on banking, he said he hadnt given up that they might yet end up firing the big bankers - I asked him how long would he give obama before all hop e is lost - he said about 3 months certainly not as many as 6
my second point was: I have never seen social change of the sort you are asking for without youth's involvement but all the research I have done suggests that the way we have explained what's going to youth is not good enough - its hard to see whats at stake with this one compared with any other event youth have stood up for- even though this may have far more disatrous impacts on usa itself than anything I have seen in my lifetime - robert seemed to say yes we do need to help bring youth into the picture of what is at stake
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