Wow. Punches pulled: Zero.

Mike Jurney Mike Jurney March 15, 2012 1 Minute

Published by Mike Jurney

Published March 15, 2012

Quillian Rutherford says:

March 15, 2012 at 6:42 pm

I +1’d this…but I’m kind of overwhelmed by the actual writing of that article. BoA is a very bad bank, sure, but as Adam Smith pointed out, the extreme wealth and concentration of wealth leads to such corruption. From the creation of the Glass-Steagall act until its repeal in 200, the only systematic banking failures of this scale were the S&L boom where..surprise, surprise regulation was non-existant or ineffective.

In effect, what I’m getting at is, fixing BoA isn’t fixing the system. It’s interesting to read, much like I’d imagine reading an Al Capone biography is interesting, but it’s the system that needs to be fixed, not any single participant.

One of the most amazing things I’ve noticed lately is people defending wealth at almost any cost. The recent fellow that publicly quit Goldman Sachs is getting almost completely attacked, sometimes by the very people he is complaining about Goldman screwing! Imagine, you invest with Goldman, sure you think it’s great, but you don’t actually know they are taking you to the cleaners. Then someone points it out and you attack them instead of dealing with the fact you are getting taken to the cleaners!

It’s hard to maintain an even keel of apathy, but I try.

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