Tim Geithner was interviewed yesterday on “Meet the Press”. He stood pat that “Wall Street has changed.” He added, “We’re not going to let the system go back to the way it was.” Does he mean that in an ethical sense, or in a business model sense? Does he mean that Wall Street stopped selling dubious investment vehicles and that they did not invent new financial instruments that put even the old ones to shame in terms of their instability and lack of real investment value? Take your pick. Any old or new way, he is talking out of both sides of his mouth, and both have much falsehood attached to them. Here is a synopsis of the interview:
This is my favorite part:
After financial institutions were widely blamed for assuming too much risk and bringing the economy to the brink of collapse, Geithner said a concern now is that they might end up being too timid.
“The big risk we face now is that banks are going to overcorrect and not take enough risk,” he said. “We need them to take a chance again on the American economy. That’s going to be important to recovery.”
IS OUR POLITICAL PROCESS AND GOVERNMENT GOING TO THE DOGS??????
A guy is driving around the back woods of Montana and he sees a sign in front of a broken down shanty-style house: ‘Talking Dog For Sale ‘ He rings the bell and the owner appears and tells him the dog is in the backyard.
The guy goes into the backyard and sees a nice looking Labrador retriever sitting there.
‘You talk?’ he asks.
‘Yep,’ the Lab replies.
After the guy recovers from the shock of hearing a dog talk, he says ‘So, what’s your story?’
The Lab looks up and says, ‘Well, I discovered that I could talk when I was pretty young. I wanted to help the government, so I told the CIA. In no time at all they had me jetting from country to country, sitting in rooms with spies and world leaders, because no one figured a dog would be eavesdropping.’
‘I was one of their most valuable spies for eight years running. But the jetting around really tired me out, and I knew I wasn’t getting any younger so I decided to settle down. I signed up for a job at the airport to do some undercover security, wandering near suspicious characters and listening in. I uncovered some incredible dealings and was awarded a batch of medals.’
‘I got married, had a mess of puppies, and now I’m just retired.’
The guy is amazed. He goes back in and asks the owner what he wants for the dog.
‘Ten dollars,’ the guy says.
‘Ten dollars? This dog is amazing! Why on earth are you selling him so cheap?’
‘Because he’s a liar. He never did any of that shit.
Such is my take on this story and the current state of our financial industry. Liars and more liars. No, my friends, it is a disservice to denigrate dogs by comparing them to our scions of industry and government. If human beings were one iota as altruistic and sensitive to need as dogs are, we would be in a whole lot better shape than we are in now.