[PEN-L:4718] Sumitomo

[JDevine@xxxxxxxxxxxxxxx]

Doug writes: >>. It seems to me a better political angle on the
Sumitomo loss would be to emphasize two points: 1) the utter
pointlessness of all that trading and associated volatility -
which absorbs vast quantities of human and financial resources
despite its irrelevance, and 2) the fact that Sumitomo & others
can suffer the loss of billions without severe repercussions, in
a world where we're told "there's no money" for basic
social services. <<

also, _if and only if_ the "real economy" is suffering from
structural instability (as, say, in the late 1920s), financial
disasters of this sort can trigger real collapse.

in pen-l solidarity,

Jim Devine   jdevine@xxxxxxxxxxxxxxx
Econ. Dept., Loyola Marymount Univ., 7900 Loyola Blvd.
Los Angeles, CA 90045-8410 USA
310/338-2948 (daytime, during workweek); FAX: 310/338-1950
"Segui il tuo corso, e lascia dir le genti." (Go your own way
and let people talk.) -- K. Marx, paraphrasing Dante A.