Friday 19 September 2008

Investment bank advice to Fed - SOS

Funny how, as the investment banks fell one by one, and as pressure mounted on Goldmans, the governments of the world suddenly took action. Just in time, as one of the most successful pedlars of derivatives and toxic debt products, and a master of trading and short-selling, might have gone bust.
Why governments seek advice from investment banks, the scourge of the modern world, is difficult to understand. For these banks there are yet more fees, coupled with ability to steer their clients towards maintaining loose regulation for their activities. But should not advice on the real economy, come from the commercial banks who handle real deposits and who make loans to material entities?
So instead of allowing their alma matere to be wiped out, to the future benefit of all, these government advisers decide it's time to get their political poodles to do something - save our souls.

(Invexit)