patrick.net

Vicente says

Reality says

Trying to use the government to control corporate "robber baron" is akin to jumping out of the frying pan into the fire itself!

And yet, it works better than handing the reins over to the robber barons and hoping for the best.

"It" (using government to pretend to rein in the "robber barons") is exactly handing the reins over to the "robber barons" and there is no hope in there at all!

The biggest "robber barons" that Teddy Roosevelt railed against publicly were the Rockerfellers and Morgans . . . guess what? They subsequently formed the Federal Reserve!

Vicente says

The period between the last Great Depression and this one, had STRICT government limits in the form of legislation like Glass Steagall Act. For many decades we had no megbanks and no economic calamity.

Then you must be a neophyte or senile. The federal government went bankrupt with the shutting down of gold exchange in 1971. FannieMae was nearly bankrupt in the early 1970's. The term "stagflation" was coined in the 1970's to describe the economic calamity of low growth coupled with high inflation. Then the late 1980's saw the Savings&Loans debacle.

The primary reason why bubbles were not as prevalent in the 50's, 60's, 70's and 80's was because the people who lived through and grew up during the Great Depression were still alive and in charge in most economic decisions.

The repeal of Glass-Stegall was an action taken by the government, reflecting the "new era" thinking of the people taking the baton from the Great Depression generation.

When I was growing up there was nothing BUT regional banks. So we decide to UNLEASH the financiers because.... well because we forget....we think Grandma's just nuts and those old-timey people were stupid. And in a few short years we are in deep doodoo.

See above. The repeal of restrictions is reflective of the generational difference. It's silly to think a government made up of human beings would be immune to those generational differences.

History easily disproves your theories about government being MORE EVIL than corporations. Government has many goals and more transparency. Corporations have one goal only, maximum profits for the people at the top and SCREW everything else.

Government has no goals, corporations have no goals. They are inanimate brain farts constructed according to government laws to shield the individuals controlling them from liabilities. Labor Unions are also corporations, as are non-profits and charities.

The real issue is not the form, but the market power that an institution wields. Power corrupts.

Reality says

Then you must be a neophyte or senile. The federal government went bankrupt with the shutting down of gold exchange in 1971. FannieMae was nearly bankrupt in the early 1970's. The term "stagflation" was coined in the 1970's to describe the economic calamity of low growth coupled with high inflation. Then the late 1980's saw the Savings&Loans debacle.

I am not senile, but thanks for worrying over my health.

The 1980's S&L is EXACTLY the deregulation problem I describe, in miniature. CEO types said hey let's try that AGAIN but let's do it with GLOBAL banks & trillions of dollars. KABLOOEY!

Stagflation as a "calamity". Please! Damp squib compared to either GD1.0 or 2.0. An ordinary recession. At the time we had a GROWNUP at the Fed who jacked up interest rates and we came out of that one fine.

Reality says

The repeal of Glass-Stegall was an action taken by the government, reflecting the "new era" thinking of the people taking the baton from the Great Depression generation.

So, are you indicting the Government for repealing a law that the Government instituted?