How to Fix the Financial Sector (October 13, 2008)
Continuing the theme established on Saturday--a Contrarian's Contrarian list of ten positives ( Today's Contrarian Entry: The Positives)--here is #11:
11. New and better ideas abound. Longtime contributor Michael Goodfellow recently proposed a radical banking-sector fix which is too practical to ever be implemented--its fatal flaw is that it doesn't bail out "friends of Hank Paulson"-- but nonetheless it shows excellent ideas do exist if we only reach outside the MSM/PTB (mainstream media/Powers That Be) box.
The Powers That Be are rapidly using up all their ammo. They will be scrambling for a new "solution" this weekend, but it seems guaranteed that it will be some kind of nationalization of banks, possibly as part of refinancing them.Thank you, Michael. I am not an economoist or banker, and so perhaps I've missed reasons why this couldn't work, but this certainly look like a much better, cheaper, faster and more equitible fix than the "everything but the kitchen sink to bailout my buddies" mess which has been thrown at the problem helter-skelter.
Another well-conceived proposal (the Genesis Plan) has been put forward by Web hero (at least to me) Karl Denninger over at the Market Ticker.
The short version of The Genesis Plan is:If you agree with either (or both) of these proposals, please make that known to your elected officials (even if it seems improbable they will act on anything but political self-interest) and anyone who despairs that the financial sector can be fixed.
"This guy is THE leading visionary on reality.
He routinely discusses things which no one else has talked about, yet,
turn out to be quite relevant months later."
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