Criticizing Bankers – Return to Glass-Steagall

I criticize Bankers a lot, and have been concerned for some time about my criticism being misunderstood. My wrath is dedicated to those psychopaths in government and on Wall Street who long ago determined, by stealth and deception, to misappropriate for themselves everything the common man had ever honestly worked for. I have never harbored any ill will for the banker who uses the capital of those in his community to invest in sound enterprises for the sake of creating wealth (in his community) and generating a reasonable return on the money placed in his trust.

Many friends were surprised in the financial crisis of 2008 that I demanded we let the Big Banks fail, no matter what the temporary pain and cost, as a matter of cleaning out the sepsis, the gangrene, the rot. I could not imagine how we could justify rewarding those who had engaged in massive fraud, while punishing those who had been good stewards of capital, namely the Regional Banks. Doing so was fraught with Moral Hazard, and speaks to where we are as a society β€” corrupt, and shameless, looking the other way when innocent people are harmed and we are forced to see evil for what it is. Looking away or putting one’s head in the sand will never solve the problem.

I hope this clears this up for anyone who wondered…

John


Griffin Lecture – The Creature from Jekyll Island


originally posted to spacebook…

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