Saturday 23rd of November 2024
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coliconomy .....

choliconomy .....

Facing a firing line of questions from Washington lawmakers, Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he “made a mistake” in trusting that free markets could regulate themselves without government oversight. 

A fervent proponent of deregulation during his 18-year tenure at the Fed’s helm, Mr. Greenspan has faced mounting criticism this year for having refused to consider cracking down on credit derivatives, an unchecked market whose excesses partly led to the current financial crisis. 

Although he defended the use of derivatives in general, Mr. Greenspan, who left his post in 2006, told members of the House Committee on Oversight and Government Reform that he was “partially” wrong in not having tried to regulate the market for credit-default swaps.  

Greenspan Concedes Error On Regulation

Gustaphianan proverb: A clogged up loo is a cosmic catastrophe for one who's got acute colic from overindulging in chilli con carne...

"socialism banking" in Russia?...

But a key question is whether VEB might risk crossing the line between state and commercial interests.

The banking sector is expected to go through a wave of restructuring and consolidation in the coming months, with the stronger players remaining, Medvedev's economic aide Arkady Dvorkovich said at an investment forum on Wednesday.

In a sign that VEB itself may become the driver of the consolidation and owner of some ailing banks, it has moved to take over two midsized banks, Svyaz Bank and Globex.

As much as 50 percent of the country's more than 1,000 banks may cease to exist, but the top 50 to 60 banks should be able to receive the funding support they need by matching government aid with private capital increases, said Nikolai Podguzov, a debt-markets analyst at Renaissance Capital.

Medvedev on Thursday asked Dmitriyev to be quick in implementing the state's anti-crisis program. "At the moment, given that you are the central coordinator of these funds, you must act as quickly as possible," Medvedev said, Interfax reported.

The bank's supervisory board is chaired by Prime Minister Vladimir Putin (last year it was chaired by former Prime Minister Mikhail Fradkov), and its eight members include First Deputy Prime Minister Viktor Zubkov, Finance Minister Alexei Kudrin, Economic Development Minister Elvira Nabiullina, Regional Development Minister Dmitry Kozak, Transportation Minister Igor Levitin, Industry and Trade Minister Viktor Khristenko and VEB chairman Dmitriyev.

Putin on Thursday showed his support for the country's largest private bank, Alfa Bank, by visiting a branch office in Novosibirsk with bank president Pyotr Aven.

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Gus: "socialism-banking" in Russia?, Mate, don't you worry about that... Even the US has gone down that drunken road: socialize losses, privatize profit... Nothing new... At least in Russia, your financial wizards are still in the infancy of highway robbery. 

Whenever the dust settles from all this, if no-one has gone to prison in the Western World, if the fortunes of the richest have not gone down by at least 10 times the proportion of losses occurred on ordinary people super, the revolution is on.

When the Soviet "communist" empire bit the dust, there were some smart skirts in our family who prophesied, "now, how long do we have to wait to see the fall of capitalism?" the bets were on 20 to 25 years...  Sure, this time may not be the end of "capitalism" — but if this is not the end of unbridled greed as has been seen, it should be the start of the middle class peasants' revolt... But the morons are still too comfortable in their slippers, yet scared to the hilt to lose their pants while these are on fire...

Back to camel trading...

Meanwhile the planet is being destroyed some more...

Whadda we want? RE-GU-LA-TIONS... Whenda we want 'em? NOW!

ol' memories

remember when...

the writing's on the dunny wall...

Joe the Plumber becomes Joe the Writer after signing book deal

    * Alison Flood
    * guardian.co.uk, Thursday November 20 2008 00.01 GMT
 
Joe the Plumber will continue his tireless work on behalf of the American people after signing a book deal for a title about American values: Joe the Plumber - Fighting for the American Dream.

The book is being co-written with little-known novelist, Thomas Tabback. Joe the Plumber, real name Samuel Wurzelbacher, said he chose to turn his back on lucrative offers from the big publishers to go with a smaller firm to help "spread the wealth". PearlGate Publishing has previously published one book, says its website: Tabback's debut novel, Things Forgotten.

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Gus: The publishers will print the books on recycled loo paper... sorry it was a bad joke. May his book be understanding the dream needs to incorporate saving the planet from ourselves... see toon at top.