Wednesday, December 24, 2008

Financial Regulatory Daisy Chain

I read that Marc Mukasey, son of Atty. Gen. Michael Mukasey, who works for Rudolph Giuliani's law firm, is representing Frank DiPascalli, whom the Wall Street Journal reports is suspected as being in the center of the Madoff scheme. Of course, Madoff himself and his family had numerous connections with regulators.

Now just imagine that Madoff had been a poor person cheating on welfare. How long could he have gotten away with it?


Anonymous said...

By asking, "How long could he have gotten away with it?"

Do you mean how long would it be before neocons use this as an example of how everyone on welfare abuses the system, or that oversight of multi-billion dollar industries is much less than that of million dollar welfare programs?

Michael Perelman said...

Your second guess is closed to the spirit of my note.

TheTrucker said...

I have posted this "article" in several other places such as Usenet News "sci.econ" and alt.politics.**. And I will post it here:

I will not pretend to be enlightened, intelligent, or capable of bringing self conceived new and marvelous ideas to the people. But in my rummaging around I have discovered this marvelous explanation of banking in general, a description of the "credit crises", and a suggested solution from someone else. And whether this "solution" is valid or good is not for me alone to evaluate. The solution is a very good way of presenting a proper view of the problem whether you agree with the proposal or not. And in this spirit I offer a Christmas Gift to all my rowdy friends:

The links hereafter are presented in a somewhat backwards order to that which would form a long and boring treatise, i.e. the solution is presented first and the reasoning is presented after. This is done so as to hold the interest of the consumers. But I would ask that before you impugn the solution that you watch the videos of the rationale for the solution.

Solution To The "Financial" Crisis
More Discussion of the Solution

Now then:

You can pick and chose how much of the explanation concerning why we are where we are as you please. All of the videos are available from Khan

I can't believe this is free. What a deal!!! This dude is goooooooooooood!

"I know no safe depository of the ultimate powers of society but the people themselves; and if we think them not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education." - Thomas Jefferson