Re:The hair of Damocles' sword

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March 13, 2010

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Chan Akya

The hair of Damocles' sword (1 viewing) (1) Guest

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TOPIC: The hair of Damocles' sword

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#173498

The hair of Damocles' sword 1 Month ago

Karma: 7

ding73ding wrote:

You were, rightfully, shooting flaming arrows at inept government officials, the Paulsons and Geithners. But are you trying to get your audience to extrapolate to the conclusion that the public sector is necessarily inept and the free market is the final solution to anything and everything? Paulson's book actually contained some honesty that you neglected to mention:

From Businessweek (boldface are mine):

Henry Paulson recalls dining with some of Wall Street's most powerful bankers on June 26, 2007, not long before the credit bubble burst. "All were concerned with excessive risk taking in the markets and appalled by the erosion of underwriting standards," he writes in his penetrating memoir, On the Brink. Yet they felt forced by competitive pressure to make loans they didn't like, the former U.S. Treasury Secretary says.

"Isn't there something you can do to order us not to take all of these risks?" was the gist of a question posed by Chuck Prince, who was still running Citigroup (C) as the bank bumbled toward disaster.

That comment encapsulates the bizarre situation that enveloped Paulson as he struggled along with Federal Reserve Chairman Ben Bernanke and New York Fed chief Timothy Geithner to save the free-market system from itself.

You can fault the Fed, the Treasury or other governmental agencies and GSE, but the root of the problem is free oh-so-free-it's-whacked market.
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See discussion here: www.atimes.net/The-Edge/Chan-Akya/173392...s/Page-4.html#173497
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Link to atimes.com: www.atimes.com/atimes/Global_Economy/LB06Dj01.html
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Link to atimes.net: www.atimes.net/Global-Economy/hair-of-damocles-sword.html
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From atimes.net, "The Sword of Tim Damocles":

aquicke (Admin)

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Last Edit: 2010/02/09 01:31 By aquicke.

#173503

Re:The hair of Damocles' sword 1 Month ago	Karma: 6
Btw, Allen I did forget to compliment you on the wonderful picture that accompanied this article. CA

Chan Akya (User)

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#173506

Re:The hair of Damocles' sword 1 Month ago	Karma: 2
For the benefit of the culturally challenged, what was the original painting?

DrCore (User)

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#173509

Re:The hair of Damocles' sword 1 Month ago	Karma: 7
Thanks Chan. Ding, relax, nobody has ever heard of British neo-classicist Richard Westall. The Sword of Damocles, oil on canvas, 1812, by Richard Westall, 1765 - 1836

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