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Pastimes : THE SLIGHTLY MODERATED BOXING RING

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To: Original Mad Dog who wrote (17704)	7/18/2002 2:30:14 AM
From: Lazarus_Long	of 21057

Wouldn't you agree, Mr. Moderate? Yeah. Except for one thing: your solution doesn't work. Not with the national money spigot, anyway. Not here. Not in Japan. Not with mere mortal humans anywhere. If you make them prosperous by turning on the money and keep it flowing flowing long enough, they start to believe it won't end. Then, just to make life even sweeter, they reach for the sugar- -debt. And pile it on. The only way you have any hope of preventing that is by not putting the sugar bowl out. And I don't think you can do that in this society. So I guess we get to ride down the waterfall to see what's on the bottom. There actually were some good things that came out of that frenzy of legislation after FDR got elected. (Lots of bad things, too.) One of them was separating commercial and investment banking and brokerages. Eventually (under Reagan, as I recall) the bankers got that reversed. Back to the good old days. Does anyone really believe in the "Chinese Wall" between the brokers and the investment bankers in all those firms that do both? The hype and the IPO frenzy that characterized the late '90s were partly a result of that. Independent analysts? Gimme a break. (Of course, they never were; they just served a different purpose before the '80s) Clinton wasn't giving the liquor away, Greenspan was. And he is independent of the President. I wonder about that. Not just with Clinton. With all of them.

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