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Direct Treasury to Consumer loans, the remedy for no-lending banks and their toadies at the Fed.
We are going through absurd hoops simply to avoid disintermediating the banks and the federal reserve (which is owned by them).
We build in all this vigorish, supposedly to compensate the banks for rationalizing the credit markets, and then when they respond to deleveraging forces in several orders of magnitude by bringing "velocity" down to zero, we are surprized, chagrined, nonplussed, and broke.
Fine.
Let Andrew Jackson rest in peace, it's time for the Postal Savings Bank of America. (European TPMers will know what I mean, the rest of you, look it up.)
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B, b, buh... but that's socialism... That vig of which you speak is the corporate welfare which keeps us strapped to the multitude of insurance companies in our so called national health care system, as well as the banking system in our current economic 'situation'. This isn't capitalism, it's organized crime.
December 22, 2008 9:58 PM | Reply | Permalink
Goddamn. I have been trying to make that point for 2weeks its all organized crime with malice aforethought, intent, conspiracy, aiding and abetting. All these organizations benefit from the other.
Why couldn't I just say, THIS ISN'T CAPITALISM, THIS IS ORGANIZED CRIME.
Miguel--I am going to quote this every day til the end of the year.
December 22, 2008 10:03 PM | Reply | Permalink
THIS IS ORGANIZED CRIME.
Of course--it's your classic bust-out.
Don't you remember the sporting goods guy who's kid went to school with Tony's daughter, who ended up down in the poker game and his business got "busted-out?"
Well, that's what happened to us, only we didn't even get to play in the game.
December 23, 2008 2:54 AM | Reply | Permalink
That's what really blows me away, that we never even got to play the game, but get left holding the bag.
December 23, 2008 11:23 AM | Reply | Permalink
strapped to the multitude of insurance companies
It is a tooth-grinder, is it not?
Apparently the utter collapse of the Big Three under the crushing weight of employer funded health is concentrating the attention of the ruling class. Absent that, they would continue burden the economy with a 10% GDP overhead for the problematic benefit (to the delivery of health care) produced by an extra layer of administration.
December 23, 2008 2:48 AM | Reply | Permalink
Amen. It's the quivalent of the the Gambino family going to the mattresses against the Lucchese family, because their take in gambling and protection, (aka 'insurance'), has become so great, that for the good of all, they have to spread the wealth around.
December 23, 2008 11:19 AM | Reply | Permalink
spread the wealth
Come to think of it,I remember McCain saying :
"Ehh, Wurzelberger, Wurzelberger, what have I done that you should disrespect me this way...we all gotta dip our bread...but when I need a five gallon flusher because I'm so full of shit, you say to me, 'Godfather, the regulations', 'Godfather, I can't find the old school crapper'...Wurzelberger, you gotta spread the wealth."
No, wait a minute--that was the other guy, with the wealth-spreading thing...
December 23, 2008 6:54 PM | Reply | Permalink
: )
December 24, 2008 2:35 AM | Reply | Permalink
My suggestion would be to have a payroll tax holiday. It benefits rich and poor. It puts money into people's hands immediately. It's a lot more "direct" than Obama's current infrastructure plan which could take years to really "trickle down"
December 22, 2008 10:57 PM | Reply | Permalink
payroll tax holiday
agreed--it's the instant pay raise. I would direct the employer's contribution to the employee as well, so everyone gets a 15% raise.
December 23, 2008 2:43 AM | Reply | Permalink
more "direct" than Obama's current infrastructure plan
My endorsement of a payroll tax holiday was meant as an addition to the aforesaid infrastructure plan.
Which, btw, will end up at a trill and a half.
December 23, 2008 3:06 AM | Reply | Permalink