The financial system as a whole is rotten. Predicated on the now-doghoused dogma that markets know best and light-touch regulation is all that’s needed to produce the best of all possible worlds, the regulatory structure failed to prevent banks, insurers and investment funds from acting recklessly. During the good times, investors as well as [...]
Tag Archives: HBOS
Unless we kill them now, Zombie banks will roam the earth, eating our future and boring us witless
February 22, 2009 – 3:26 pm
Recession or depression? Don't ask Gordon Brown, he's in denial.
February 12, 2009 – 9:46 pm
A recession is defined as two successive quarters of negative GDP; a depression is defined as a slide in peak-to-trough of real GDP of 10% or a decline lasting more than three years. According to Mervyn King, Head of the Bank of England, the UK ‘recession’ is much deeper than anticipated. GDP might drop by [...]
German Heretics Say Flash Gordon is not Saviour of the Universe
December 13, 2008 – 12:48 am
. . . in fact, they are implying that Gordon is a Moron after all. By John J. Kelly In a move unprecedented in Europe since Martin Luther said the Pope wasn’t a Catholic, German Finance Minister Peter Steinbrueck called Gordon Brown’s “crass Keynesianism” breathtaking – but not in a good way. Following the rude [...]