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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (32852)	9/25/1998 1:52:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Mike, da brain? who? Faber? please enlighten me I was eating me Grim power breakfast whilst watching CNBS so I may have missed it. The banking industry is set up so the profits are privatized but the losses are socialized. I am surprised at how little bad news has come out thus far but I do expect a steady diet of bad news at some point. One of my favorite books "The Great Boom & Panic" by Robert Patterson quotes Freeman Tilden " A World in Debt" -about the Great Depression published in 1936 "World finance had passed from the hands of banker-minded economists, through the hands of broker-minded economists, to come to rest finally in the grasp of common gamblers" Another quote from Patterson's book... H. Parker Willis, an authority of the Federal Reserve System since the time of its origin said " The breakdown of 1929 was as nearly the result of wilful mismanagement of every sound principle of sound finance as such an occurrence ever has been. It was the outcome of vulgar grasping for gain at the cost of the community." As Mark Twain says " history may not repeat but it does rhyme. Mike