Praise Sandy Weill, for he hath told the truth — and delivered you from Shorties.
Seriously, I thought I’d have to resort to Shorties today until I saw this little gem: Sandy Weill, the same man who had a giant game of “chicken” with Congress, forcing them to pass laws that allowed his company to become a huge “financial supermarket” now says that we should go back to the way things were after the Great Depression and break up “too big to fail” banks “so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable, and the investment banks can do trading… they can make some mistakes, but they’ll have everything that clears with each other every single night so they can be mark-to-market.” He goes on to drop a second bomb: “There should be no such thing as off balance sheet.”
Really, Sandy? Why the change of heart? Has it suddenly occurred to you that if We The People don’t have any money, we don’t put it in the bank and we don’t buy things? Perhaps you realized that Japan never got out of it’s doldrums until the “zombie firms” were allowed to fail? Have a “spiritual” moment where fair play and the bigger picture somehow seemed important? Don’t get me wrong, glad you joined the “common sense” bandwagon. Just wish you’d popped aboard in the 90s instead of pooh-poohing sensible and necessary banking laws as “archaic” and “not reflecting the needs of the next century.
Too Big To Fail simply must become Too Big To Exist. Seriously.
In Closing: 1 in 5 companies
misrepresents freaking lies about their profits; a conservative would probably say they need to get jobs!; two must see video clips; outlawing abortion kills women; what’s retirement?; wasn’t expecting that one; no wonder the “news” doesn’t say anything anymore; what a coincidence [you don’t want to get me started about Pyschiatric Institutes of America and why you’ll never ever get mental health care parity]; Give a big LOL to the State Department Anti-Terror Troll Team; and neither will I.
The Truth About Cattle Grazing: done correctly, it can help restore the land.
Two Funny Things and a Lot of Unfunny Ones about Racism: Let’s get rid of the Mexicans, and Who translated this for you? There’s a movement afoot to pass laws that violate the 14th Amendment on the grounds that not everyone born here has parents that are really not American enough. By not American enough, they generally mean “brown.” There are a number of problems with this, aside from Constitutional issues (funny how some people only like the Constitution some of the time). First, you might end up with people who can’t prove they were born anywhere because the law denies them a birth certificate. Second, you might end up with people who are effectively not citizens of any nation, because they weren’t born in the country of their parent’s citizenship. Third and finally, who gets to decide what constitutes “American enough”? At least “born in U.S.” is a simple to apply measure.
More on Friday’s lousy employment report: Good, bad, and ugly. Really ugly.
Obligatory Gulf of Mexico Oil Spill Items: Woo, recapturing a whole 10,500 barrels a day. Really interesting that a BP exec managed to dump a third of his company stock a month before the disaster. You would think they could find a cable tie to keep stuff out of the way on the equipment BP is using a mile below the surface. Harry Reid thinks BP should pay for the clean-up (more on Harry come Tuesday with the Nevada Primaries, probably over on TMV). And on BP’s spill “plan”.
Civil Forfeiture Must Go: Guy sells truck on a payment plan. Truck gets seized by the cops. Cops don’t care that guy still has title and is owed money on said truck. Somehow I bet GMAC doesn’t have this problem.
And it’s only June 6: 22% of states have passed new abortion restrictions and 81 bank failures so far this year.
Speaking of the Banks: 6 made $51,000,000,000 last year; the other 980 lost money.
While we’re on the topic of making money: Just the threat of Federal enforcement makes companies want to restate their earnings.
How Laws are Really Made: Most people of my generation were taught that it works something like this, but the truth is a bit more complicated.
Run Sarah Run!: Ten reasons she should just keep doing the speaking circuit and stay the heck off the ballots.
Two Medical Items: Did you know that if enough doctors decide “No, that isn’t enough money for that procedure and we won’t take that insurance anymore,” the Government can decide they are in violation of anti-trust laws? And scroll down for a breakdown of infant mortality rates in developed nations, compared to health care spending per capita and military spending as a percentage of GDP. The United States has a shameful showing.
And Finally, Japanfilter: Fireflies.