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Sue's avatar

Glass Steagall bank regulations kept our economy safe for over 50 years. Unfortunately, we trashed those for Clinton’s “Bank Modernization Act”. We need an iron wall between insurance companies and banks, and another iron wall between commercial banks and investment banks. Dirivatives and credit default swaps should be relegated to Las Vegas casinos. Hedge fund creeps should never be allowed their delayed interest income loophole. Those changes would make us a better country, but it probably won’t happen.

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SimulationCommander's avatar

Great interview! The sad reality is that when the fake economy of being close to the literal money printers overtakes the real economy of voluntary transactions of goods and services, the wheels come off the bus -- and the 'leaders' typically respond with even MORE money printing. This is where we've been (or been on the edge of) since 2008.

Edit: People should also remember that in the fall of 2019, the financial system was in serious trouble and the Fed was ALREADY injecting 'liquidity' into the system. Covid was a pretty convenient excuse to flood the system with trillions of dollars of cash. (Of course, only YOUR $1200 check caused inflation)

https://www.cnn.com/2019/12/18/investing/fed-qe-overnight-lending-market/index.html

https://www.nytimes.com/2019/10/11/business/economy/federal-reserve-treasury-bills.html

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