[PEN-L:30327] Re: Re: congress and the banks

[Bill Lear <rael@xxxxxxxxxx>]

On Tuesday, September 17, 2002 at 22:21:11 (-0400) Lisa Stolarski writes:
>Ok, I give up. I'll stay on the list.  You all are a bunch of groovy
>economists and I could probably learn something.
>...
>on 09/17/2002 7:02 PM, Michael Perelman at michael@xxxxxxxxxxxxxxxxx wrote:
>
>> This is a very interesting discussion, especially with the rapid
>> vertical/horizontal consolidation of the banking system, accompanied with
>> a weakening of the regulatory system as well as the ability to obscure
>> actions through international transfers.  Isn't this a pretty sure recipe
>> for disaster?

Hasn't "rapid vertical/horizontal consolodation" and weakening of
regulation been going on for quite some time?  Richard Dale covered
some of this ground a decade ago in his book *International Banking
Deregulation: The Great Banking Experiment*.

And we should be careful not to confuse "disaster" with so-called
Marxist notions of "crisis".  It could very well be a human disaster
for 95% of the population, but the system of privilege we call free
enterprise makes very effective use of the state to protect itself and
the 5% of the population (less?) who own the country (and therefore,
to adopt Jay's position, who should be granted the inalienable right
to govern it).

BTW, sorry if this has been stated already.  I haven't read the entire
thread due to time constraints.


Bill