Our current finance system is a Con Game. "Leverage", "Margin", call it what you will: the basic idea is that you play some sort of numbers game to trick people into thinking that you have more money than you have so you can invest it.
There's reasons why this will work for a little while, but in the end it collapses. (Here's an interesting article from The Economist about a financier from the '20s who invented most modern financial innovations: http://www.economist.com/finance/displaystory.cfm?story_id=10278667)
If we bail out the economy for $700B now, I fear we'll have to do it for $1T in the next 10 years.
Month to go to electionsjennyaelOctober 8 2008, 03:12:22 UTC
Why didn't they just make this a reforendum to be voted on with the rest of the election? they had already performed several piecemeal bailouts, which the CEO's obviously didn't get (see recent articles about AIG). why not let the American public decided on a voter by voter level?
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Our current finance system is a Con Game. "Leverage", "Margin", call it what you will: the basic idea is that you play some sort of numbers game to trick people into thinking that you have more money than you have so you can invest it.
There's reasons why this will work for a little while, but in the end it collapses. (Here's an interesting article from The Economist about a financier from the '20s who invented most modern financial innovations: http://www.economist.com/finance/displaystory.cfm?story_id=10278667)
If we bail out the economy for $700B now, I fear we'll have to do it for $1T in the next 10 years.
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