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Old 05-20-2011, 09:48 PM
badhatharry badhatharry is offline
Join Date: Jul 2009
Location: eastern sierra
Posts: 5,413
Default Re: Tricorder Edition (Mark Schmitt & James Pinkerton)

Originally Posted by chiwhisoxx View Post
this is a really, really important point that isn't discussed enough. our best and brightest now aspire to essentially move money around and place bets with other people's money for a living. I'm fairly certain that's not sustainable.
and when it's no longer sustainable, it will end. Unless of course the government tries to regulate it. In that case it will go one forever.

Originally Posted by Don Zeko View Post
I agree completely. And the great thing is that the way to solve this problem and the way to deal with banking panics is the same: limits on leverage. Less leverage means smaller profits and smaller bubbles, so that all of these derivatives traders go out and get real jobs that make the world a better place.
ask and you shall receive...a suggestion about how to manipulate the system so as to encourage (force) people to get real jobs and make the world a better place. Give that man an applause.

An even better, more sustainable, way to create the kind of change you want is to let banks fail when they make risky investments. I know, naive tea party talk. Never mind.
"By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it." Adam Smith

Last edited by badhatharry; 05-20-2011 at 09:58 PM..
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