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we've got everything perfectly backwards, ass-end up, hair on fire...,
2010-12-16 13:43:48
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less skills mismatch than misplaced workers...,
2010-12-17 13:41:47
there are, after all, trees in that forest:
Kevin Drum asks why the financial industry has been so profitable even when it isn't just making the easy money on $4 trillion in interest free loans from the public purse, and concludes that "somehow, all this financial engineering was based on skimming money away from everyone else." Maybe it starts with not paying people, and trickles its way up from there.
It's not that the sector is monopolized or that financial markets aren't competitive - it's that the laws in place to protect the bank's customers are weak, ineffectual, and rarely enforced, while they have had a free hand to predate because the laws constraining their behavior were gutted. They've got the monopoly of the state on their side, in other words. Why "regulatory capture" didn't make an appearance near Mr. Drum's befuddled "somehow" is really the only mystery, considering that it's no mystery to Mr. Drum.
:: posted by buermann @ 2010-12-16 14:50:16 CST |
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