Daily Archives: May 12, 2012
…Perhaps we should listen to Robert Reich:
Let’s hope Morgan’s losses don’t turn into another crisis of confidence and they don’t spread to the rest of the financial sector.
But let’s also stop hoping Wall Street will mend itself. What just happened at J.P. Morgan — along with its leader’s cavalier dismissal followed by lame reassurance — reveals how fragile and opaque the banking system continues to be, why Glass-Steagall must be resurrected, and why the Dallas Fed’s recent recommendation that Wall Street’s giant banks be broken up should be heeded.
This is the end of a great column which you can read HERE.
As to resurrecting Glass-Steagall, some don’t think it is possible, but we have to get back to regulations separating investment banks from the banks Americans save their money in. We had it like that for close to eighty years without the economic catastrophes we have now.
According to archaeologist William Saturno of Boston University, the earliest known Mayan calendar has been found in an ancient house in Guatemala. It offers no hint that the world’s end is imminent. In fact it predicts forward movement for 7,000 years.
“For the first time we get to see what may be actual records kept by a scribe, whose job was to be official record keeper of a Maya community.
“The ancient Maya predicted the world would continue, that 7,000 years from now, things would be exactly like this.
“We keep looking for endings. The Maya were looking for a guarantee that nothing would change. It’s an entirely different mindset.”
Well, I know I’m relieved. Aren’t you?