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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Sweet Ol who wrote (94079)	2/11/2009 2:15:52 AM
From: axial	of 116555

"My family was lucky, they did not lose their farms or jobs and we all had enough to eat. But there were families in our town who were not so lucky. Most of my family hated bankers because they really were tough on people, especially farmers. The bankers ended up owning a lot of the best farmland." --- In many areas during the Dirty Thirties, it was worth your life (or at least a good beating) to say you were a "banker". Bankers have distinguished themselves again. In the euphoria of our prosperity, we forgot the reasons they had been saddled with tight regulation and oversight. Again they have used Other Peoples' Money to cross the palms of legislators, regulators and market participants to repeal and evade "onerous" and "restrictive" regulations; once again, they had license to repeat their transgressions. The Greatest Escape by bankers has been the unregulated growth - to almost a quadrillion dollars - of derivatives in the Shadow Banking System. --- Thanks for the remembrances, John. Let's hope we don't revisit them. Jim

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