| User Info
| Making Sure "It" Never Happens Again in forum [Market-Ticker]
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Venkman
Posts: 2608
Incept: 2008-03-08
Central Florida
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LOVE the format. That's just totally designed to go viral. :)
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Skittle crapping Unicorns - Taste the Rainbow!
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Chessmaster
Posts: 284
Incept: 2009-01-25
Near the Bay
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Get that out there. True banking for the public should not be a casino.
Send it to everyone.
Thanks
GLTA
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You never go broke taking a profit UNLESS you spend like an *******!
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Karlmarxghost
Posts: 4148
Incept: 2009-01-26
I'm Your Huckleberry
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So how many politicians do I need to send this to?
Also damn you for shutting down comments all day Friday :D
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My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.
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Genesis
Posts: 130799
Incept: 2007-06-26
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TJ: All of them.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Laura
Posts: 3946
Incept: 2008-05-05
Peoples Republic of Florida
Banned
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TJ, pay up and the pink screen disappears at will. It works out to slightly more than $10/month, which I am sure doesn't cover Genesis' costs to support the site.
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www.................
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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Prudence is being enforced with borrowers again, now it's the lenders' turn.
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You can't cheat an honest man. ~P.T. Barnum
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Tsberts
Posts: 2357
Incept: 2008-02-05
Minnesota
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Karl -
Thought you'd like to know that here at the corporate office, we have a very strict web content filter - WebSense, with a restrictive ruleset. All of tickerforum.org and all of market-ticker.org passes muster as "market-related" and therefore germane to business. The link today was to a pdf on denninger.net, which is firewalled as a "personal or social networking site."
I can't read it, so I don't know if there was a conscious decision on your part to post it to denninger.net instead of market-ticker.org. I also don't know how many of the 20,000+ employees of my organization read your ticker, but you lost us today moving it to your self-titled domain.
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Photoguy was an optimist.
In Soviet Russia, the banks are run by the politicians.
The cancer within the federal government has metastasized, it's now up to each of the states to contain the cancer.
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Lordhumongous
Posts: 4279
Incept: 2008-09-29
USA
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Quote:TJ, pay up and the pink screen disappears at will. It works out to slightly more than $10/month, which I am sure doesn't cover Genesis' costs to support the site. That doesn't help Gold Star members who don't like logging in from their work account. |
Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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Quote:The above transaction stream is completely safe. If Joe comes into the bank it does not have $10,000, but it does have a title worth $9,000 or more, and it thus can sell the promissory note into the market immediately or take a loan out itself against that value, generating the “missing” $9,000 immediately and paying Joe. Looking at the balance sheet this refers to, the bank has actually does have $10,000 in cash: $1000 of Joe's and $9000 of the dealer's. If both Joe and the dealer demand their money, that's when they'd have to sell the promissory note.
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You can't cheat an honest man. ~P.T. Barnum
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Nightowl
Posts: 2370
Incept: 2007-06-26
And so it begins...
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Great stuff Karl thanks.
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"...and, if you think there are 70 virgins waiting for you after you blow yourself into pizza toppings...YOU ISLAM!"
Pastor William Rennick
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Genesis
Posts: 130799
Incept: 2007-06-26
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Ts, there is no particular file storage location on the Ticker machines. I will look into fixing that; my "storage" location off-site (at http://storage.denninger.net) is going to run into the same problem - that's where I upload the podcasts from Blogtalk.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Aac123
Posts: 1534
Incept: 2007-09-23
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Brilliant Karl
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Any one of us who doesn't have a healthy fear of the unknown isn't paying attention - Bank of America's Ken Lewis
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Genesis
Posts: 130799
Incept: 2007-06-26
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I found a way to stuff it in the "images" directory on the market-ticker.org server, even though the software bitched a bit.
You should be able to get it now from work Ts.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Snowman
Posts: 1800
Incept: 2009-03-09
avoiding yellow snow
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Karl,
Good summary, and very much liked the "back to basics" and clear approach. Smoke and mirrors has been going on for too long.
There is a good case for wrapping any company whose primary business is "financial services", including the treasury operations of corporations, into these thoughts. This is particularly important these days with the interconnectiveness of financial flows in the markets. I.e., "banking" is a function that needs to be treated as such.
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Karlmarxghost
Posts: 4148
Incept: 2009-01-26
I'm Your Huckleberry
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I printed and faxed it to all the reps in the local area here in S Florida and to both senators. Not that it will help but hey I can sleep at night knowing I tried.
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My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.
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Reza30
Posts: 289
Incept: 2009-02-15
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Karl,
Love the white paper and your simple examples in layman's terms. It should be an easy read for anyone who is struggling to understand how this crisis has evolved.
I think however that the key to all of your arguments is that we need to learn to live within our means as a nation. We are clearly unable to support our lifestyle as Americans without blowing economic bubbles. The kind of consumer economy that we have in place is unsustainable without the economic mirage that bubbles generate. "Feel good economy" is the key to all of our consumer spending.
It takes a lot of education (as you are doing) and a lot of discipline (as I hope will be beaten into us by this crisis) to make your vision a reality.
Thanks for all your efforts.
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Tesla
Posts: 15543
Incept: 2008-04-03
State of Disbelief
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Quote:It only requires prudent regulation that is difficult or impossible to “game”. Quote:we are here today in our economy and banking system due to the
intentional acts of government and quasi-government regulatory authorities who were subject to capture by corporate interests
You have still not solved the problem of "regulatory capture". When the rewards of lawlessness are greater than the rewards of virtue, then you know what will win out every time. Until and unless there is some non-capturable agency that can enforce regulation, you are merely setting up another cycle to be gamed. I don't see that mechanism in your work, and IMO it's probably the single most important topic around. My proposal ? Allow citizens to bring enforcement action - have standing - such that a citizen or group of citizens could bring civil or criminal action against the culprits. Additional emphasis should be put on the failure part - no injections from taxpayers, for any reason. Dead is dead. That still doesn't answer the problem of a captured judiciary such as we have today, but at least it's a start.
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Genesis
Posts: 130799
Incept: 2007-06-26
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You can't blow bubbles without regulatory fraud Reza.
The reason Paulson went to the SEC in 2000 and again in 2004 is that the leverage limits were the overhead that they were banging their head again, and there was no way around them other than to play regulatory games.
There will ALWAYS be people who desire to cheat and to live beyond their means. The purpose of regulation (and laws) is to prevent those who would cheat from getting away with it.
You can't stop 'em from trying - that's human nature.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Tsberts
Posts: 2357
Incept: 2008-02-05
Minnesota
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Thanks for the change, Karl. That worked, reading now.
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Photoguy was an optimist.
In Soviet Russia, the banks are run by the politicians.
The cancer within the federal government has metastasized, it's now up to each of the states to contain the cancer.
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Tsberts
Posts: 2357
Incept: 2008-02-05
Minnesota
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Typo - paragraph four: s/insures/ensures
Excellent piece. Finally, a piece on banking my mother can understand. That means our reps should be able to understand it, too, right?
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Photoguy was an optimist.
In Soviet Russia, the banks are run by the politicians.
The cancer within the federal government has metastasized, it's now up to each of the states to contain the cancer.
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Rjsasko
Posts: 67
Incept: 2009-03-23
aurora, IL
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Karl,
What you've written is terrific but I think it only addresses the rot that is in plain sight but not the roots of the problem and therefore will ultimately fail. Government is way too big. As long as the tentacles of Congress are enmeshed in everything they will be committing self-serving mischief.
Look at the Fannie Mae/Freddie Mac mess. Certain Congress critters want more loans for their constituents and they literally forced the banks to lower credit standards to make those horrid loans. And when people raised alarms about the bad loans those people were politically smeared by those profitting from the crimes. Meanwhile the same players hop from elected government to appointed government to private business and back again. There is a reason why the three richest counties in the U.S. are suburbs of Washington, D.C. and it is bloated government and corruption. In the Soviet Union there was a saying: "Moscow is downhill from all the Russias". It meant that all of the wealth rolled towards the center of bureaucratic corruption.
We are becoming a Banana Republic if we don't shrink the government. What you've written is a good start but I fear it is like rearranging the deck chairs on the Titanic.
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Exorcism
Posts: 357
Incept: 2007-11-30
Denver Area
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"The behavior of any bureaucratic organization can best be understood by assuming that it is controlled by a secret cabal of its enemies."
— Robert Conquest
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Tsberts
Posts: 2357
Incept: 2008-02-05
Minnesota
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Typo - Page 7, Glass-Steagall bullet point s/Travellers/Travelers
(Would you prefer proofreading comments in PM?)
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Photoguy was an optimist.
In Soviet Russia, the banks are run by the politicians.
The cancer within the federal government has metastasized, it's now up to each of the states to contain the cancer.
|
Genesis
Posts: 130799
Incept: 2007-06-26
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Fixed it - thanks.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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