Here’s what you need to know about populism and Jacksonian animosity and all that: Americans understand now that big banks have a stranglehold on the economy—one that’s already resulted in trillion-dollar bailouts and the resumption of $50 million bonuses. They don’t like that. They want it to change. Problem is, the financial industry has a good grip on the political system, too. See, for instance, how they’re able (stunningly even to this fairly jaded observer) to make sure the whole “make private-equity bosses pay income taxes like the rest of us” campaign went nowhere (see Fortune’s Dan Primack on that).
The democratic will can only be frustrated so egregiously for so long. If you want to really see some Jacksonian animosity, wait till the next big bailout.
Hello,
re : EU banks.
The EU released the HUGE amount of financial aids it gave to its states :
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1635&format=HTML&aged=0&language=EN&guiLanguage=en
See ya
#1 Posted by paul, CJR on Tue 7 Dec 2010 at 04:45 AM
Industries do not wield the monopoly on the use of force within a jurisdiction: the central govt does. State-connected institutions, lobbyists, and proprietors can get away with nothing the central state does not make "legal" for them to do.
So, why not blame the licensing, law-making, regulating, central-planning state before you blame the individual proprietor? Why not blame the flawed and morally- and legally-wrong system before you blame its private beneficiaries?
Besides, central banking is unconstitutional and immoral. It destroys wealth and is anathema to free markets, overall. It's great for financing fascistic and communistic designs and imperial warfare, but suicidal for a free constitutional republic.
Focus on the philosophical debate over the role of govt and you are striking the root as an ethical member of a free press.
#2 Posted by Dan A., CJR on Tue 7 Dec 2010 at 05:10 PM
Wow, Dan. That little diatribe reads much like Otter's speech in Animal House. Please excuse me if I'm not going to sit here and listen to you badmouth the United States of America.
I have no problem blaming the individual proprietor. Especially when he's an integral part of the cabal that has bought and paid for that "licensing, law-making, regulating central-planning state" that I no longer have access to. In fact, I'm happy to take it right to his door.
Good try on the misdirection play, but that routine was barely funny 25 years ago. It's just .
#3 Posted by jrhmobile, CJR on Tue 7 Dec 2010 at 08:05 PM
Thanks, JRH.
I appreciate your impugning of my motives here. Nice shortcut to reason. Nice stifling of debate. (Not!)
Firstly, you mislabel the U.S. govt "the United States..." Or am I to interpret your statement thus: "I'm not going to sit here and listen to you badmouth the" U.S. govt. After all, it is the central monopoly I am criticizing, not non-state individuals, voluntary groups, nor the land of America.
Secondly, you can attack the proprietor all you want, but you will never cure the ill until you get to the source: the central power monopoly in D.C. That's why I wrote: "State-connected institutions, lobbyists, and proprietors ..."
Finally, if taking the discussion closer to the root level is "misdirection," then what would your superficial, dismissive, arrogant and utterly defeated argumentation be called? (Hint: That was a rhetorical question.)
#4 Posted by Dan A., CJR on Tue 7 Dec 2010 at 08:59 PM