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Niall Ferguson – The Great Degeneration

Tyler Durden's picture




 

While Harvard historian Niall Ferguson's off-the-cuff remarks during the Q&A were in his words "as stupid as they were insensitive", the core message of his presentation was clear: the party of the last 20 years is now over and the longer we fail to address the real issues the bigger the hangover will be in the future. The central question Ferguson asks is whether our institutions, corporations and governments, are degenerating. As Lance Roberts of Street Talk Live notes Ferguson believes that without addressing the structural problems that plague the economy from production to employment – stimulus will fail. The reality is that the 'punch bowl' won't fix employment growth, economic growth or the rule of law.

 

Via Lance Roberts of Street Talk Live blog,

I am at the 10th annual Strategic Investment Conference in California which is put on annually by Altegris Investments and John Mauldin.   Niall Ferguson is the Laurence A. Tisch Professor of History at Harvard University, a Senior Fellow of the Hoover Institution at Stanford University and a Senior Research Fellow at Jesus College at Oxford.   He is also the author of 14 books including the must read “The Ascent Of Money: A Financial History Of The World.”   The following are the notes from his presentation.

Capitalism and the rule of law the central theme of Niall’s forthcoming book “The Great Degeneration.”  

What is it that ails us?   Has there been enough stimulus or is the current economic malaise a symptom of something else?

Adam Smith – brought forth the idea of the “stationary state” where economies transition from growth to stability. However, it is the rule of law that allows countries to grow.

Historically, what makes nations strong is the guarantee that justice will be done. This is what separated Europe from China during the 1800’s. Today, the west is now approaching the “stationary state.”

So, the central question of the “great degeneration” is whether our institutions, corporations and governments, are degenerating.   There are four symptoms of degeneration:

  • Breakdown of the contract between generations.
  • Excess regulation
  • Rule of lawyers
  • Decline of civil society

Generational Contract

Each generation has a responsibility to the next. Currently, we have violated the contract between our generation and the next. In order to restore the generational balance we could currently have to do one of two things:

  1. Immediately cut, and make permanent, all government outlays by 30%
  2. Immediately, and make permanent, increase in all federal taxes by 60%

The problem is that if these measures are not implemented immediately the percentages required to restore the generational balance rise each and every year.

While this is what is required to achieve generational balances – the individuals responsible for such decisions, however, are pursuing the opposite path – spend more and tax less.

Regulatory Excess

One of the major constraints to economic growth and the second pillar of the degeneration of our institutions is excessive regulation.

“Unlike my arch enemy Paul Krugman”….who believes that the financial crisis was not caused by deregulation – the reality that there was plenty of regulation over the financial institutions. (Enforcement of those regulations is another issue entirely) that ultimately were at the epicenter of the crisis.

The financial crisis was really a result of an increasingly complex financial system. However, in response to the financial crisis, the immediate course of action was to complicate the system further by adding layers of new regulation (Dodd-Frank, Consumer Protection, Etc.)

However, the problem is that by making a complex system more complex – the outcome is not stability but rather instability. Instability leads to inevitably bad outcomes.

The Rule Of Law

Dodd-Frank demonstrates the primary problem with the rule of law. Statutes that cover thousands of pages are ineffective, cumbersome and impedes growth. The complexity of recent laws such as Dodd-Frank, Affordable Care and others, along with our current tax code, would have our founding fathers and those of the Gilded Age reeling from disbelief.

However, here is the real problem. The world is no longer under a rule of law - but rather a rule of lawyers. The U.S. has the highest cost of law of any other country in the world. The rule of law is supposed to be speedy, efficient and effective. However, the rule of law has been corrupted by the legal system for self-serving needs.

There are three key indicators of the health of the “rule of law.”

  • Legal System and Property Rights
  • Regulation
  • Summary of Economic Freedom

Unfortunately, all of these measures have declined dramatically since the turn of this century. The outcome of this decline over the last 13 years is that it is more difficult than ever to do business in the U.S.   Compliance and regulatory costs are on the rise which reduces profitability.

Note: For evidence of this thought process simply review the top three concerns of small businesses that is inhibiting them from hiring and expanding – taxes, poor sales and government regulation.

The decline in the rule of law has led to daunting decline in the view of American Institutions. America was once the envy of the entire world - that is no longer the case.   Of the 22 measures of institutional quality, covering everything from property rights to bribery, the U.S. is not at the top of the list in ANY category. More disturbing is that today – the U.S. is soundly beaten by Hong Kong on every measure.

The Decline of Civil Society

Lastly, the decline of civil society is most disturbing. One way to look at this is by looking at the active membership is voluntary associations which has plummeted in recent years. Americans are no longer actively involved in civil society and now depend on the government to “solve problems.”

The problem with this, of course, is that the decline of the civil society also leads to a decline in economic output. Dependency on government to solve social issues has very little economic benefit. While the rest of the world is getting better in term of building better institutions – the U.S. is getting progressively worse.

Bright Spots

However, the good news is, as compared to others, is that the U.S. is ageing less rapidly. China, as an example, will be harshly impacted by an aging population in the next two decades.

For the U.S., despite have a completely flawed and non-existent energy policy, the country is undergoing and energy revolution that is just now becoming apparent. Natural gas is the new gold rush.

While a large portion of the U.S. will continue to languish due to regulatory and fiscal policy – there are four growth corridors:

  • Great Plains
  • Third Coast Region
  • Intermountain Region
  • Gulf Coast

However, the boom in these areas is not due to just the location of natural gas but rather pro-business regulatory and tax policies. If the current Administration was paying attention they would take the time to emulate the state governments that are growing versus declining. (The problem is that these are all red states)

There is no question that institutions matter. It explains why the developed economies are struggling versus emerging markets.   The problem is that, despite mainstream media commentary and Keynesian economists, the decline of institutions cannot be saved by monetary policy.

In other words…Washington is killing economic prosperity.

“The U.S. has the right to be stupid…and has been exercising that right for years.”

We have allowed our government to whittle away at the rule of law and replace a vibrant economic system with a European style welfare state. If you want to be stupid…keep doing what you are doing.

Q.A.

Worried about the U.S. – What of Japan?

The main lesson to be learned this year is the limit of monetary policy.   The story last year was that the Central Banks are the only game in town. The story this year, is that despite stimulus spending which is simply an anti-volatility policy, the economy will not achieve “escape velocity.”

I predict that the limits of monetary policy will be witnessed by the end of this year. We have a structural economic policy problem – not a monetary one.

Question By Paul McCulley

“The long run is a misleading guide to current affairs…in the long run we are all dead.”

 

Are we in a liquidity trap, are we at a zero bound of interest rates and stuck at 8% unemployment?

Keynes was a homosexual and had no intention of having children. We are NOT dead in the long run…our children are our progeny.   It is the economic ideals of Keynes that have gotten us into the problems of today.   Short term fixes, with a neglect of the long run, leads to the continuous cycles of booms and busts. Economies that pursue such short term solutions have always suffered not only decline, but destruction, in the long run.

Have Corporations Usurped Government?

“It is corruption when corporations can buy regulation.   It is corruption when laws are sponsored by Wall Street.”  

It is a sad state when the current level of corruption of the U.S. government is what was once only associated with third world countries ruled by dictators. The problem is that crony capitalism is a profound predicament in the U.S. and we now suffer from a third world disease.

What Is The Solution To Restore Growth?

The fiscal problems are a function of structural problems. Without addressing the structural problems that plague the economy from production to employment – stimulus will fail.   The reality is that the “punch bowl” won’t fix employment growth, economic growth or the rule of law. The party of the last 20 years is now over and the longer we fail to address the real issues the bigger the hangover will be in the future.

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Sat, 05/04/2013 - 15:46 | 3530356 LetThemEatRand
LetThemEatRand's picture

"the reality that there was plenty of regulation over the financial institutions."

My head just exploded.

Sat, 05/04/2013 - 15:47 | 3530358 ghandi
ghandi's picture

Oh, these college educated cunts.

Sat, 05/04/2013 - 16:20 | 3530407 LetThemEatRand
LetThemEatRand's picture

He hates Krugman so he some redeeming qualities, but he thought Mitt Romney was the bees knees.  He's been an academic most of his life, and the short time he was not in academia he was a banker.   

Sat, 05/04/2013 - 16:39 | 3530429 flacon
flacon's picture

Most people (baby boomers especially) don't realize that a Government BOND is a contract of ENSLAVEMENT for their children's generation. Government BONDAGE. 

 

Most people think it's just a cute play on words.... but oh how WRONG they are! There is also no TREASURE in the TREASURY - except the slave contracts known as BONDS for the souls of the working man. 

 

Let the chips fall where they may. 

Sat, 05/04/2013 - 16:46 | 3530448 James_Cole
James_Cole's picture

 

Have the people writing these idiotic articles even passed high school? Why do they make so many blanket claims without any supporting argument or citation?? 

Gawd these writers are shit. This guy makes a bunch of blanket claims with no argument or evidence. Doesn't that bother anyone else? 

The financial crisis was really a result of an increasingly complex financial system.

Oh? Complex in what way? How did the complexity lead to collapse??

The decline in the rule of law has led to daunting decline in the view of American Institutions.

Cite when this happened and why it happened.

Americans are no longer actively involved in civil society and now depend on the government to “solve problems.”

Give examples, Gawddamn. Am I just to assume this is the case across all communities / all industries? 

The problem with this, of course, is that the decline of the civil society also leads to a decline in economic output.

Why am I to assume this is 'of course' the case?

For the U.S., despite have a completely flawed and non-existent energy policy, the country is undergoing and energy revolution that is just now becoming apparent. Natural gas is the new gold rush.

Why was't it apparent before? What are the problems in the energy policy, what's the relationship between the energy policy and 'civil society'? 

If the current Administration was paying attention they would take the time to emulate the state governments that are growing versus declining (The problem is that these are all red states)

What are the key differences? Why is the administration not paying attention? What can 'civil society' or the 'rule of law' do in these instances?

In other words…Washington is killing economic prosperity.

Again, I'll take your word for it?

It is a sad state when the current level of corruption of the U.S. government is what was once only associated with third world countries ruled by dictators. 

Cite a time period when the US government had a low level of corruption and contrast that with the present please. 

 

Sat, 05/04/2013 - 16:55 | 3530466 LetThemEatRand
LetThemEatRand's picture

This is how academia works.   A guy like this makes a bunch of unsupported and frankly unsupportable claims, and cites himself as authority.  He is an expert, after all, being a student of such things.  Then other academics will cite his statements in future works, thus lending credibility to themselves ("here is a citation to prove my point"), and to the original author simultaneously.  Once this goes on for a while, the big circle jerk lends credibility on both sides.  The original author will say, "how can you question my work?  It's been cited by numerous leading academics?".  

Sat, 05/04/2013 - 17:12 | 3530483 flacon
flacon's picture

Excellent!

 

...and then an Ivy League University creates courseware on this and teaches it to students who have no money so they buy government loans in order to be indoctrinated. It's a perfect scam system. 

Sat, 05/04/2013 - 17:40 | 3530527 Pinto Currency
Pinto Currency's picture

 

James Cole,

You say:

"  Gawd these writers are shit. This guy makes a bunch of blanket claims with no argument or evidence. Doesn't that bother anyone else? 

The financial crisis was really a result of an increasingly complex financial system. "

----------

Agreed.  It wasn't complexity.

The 2008 financial crisis was the onset of bubble failure.  A 20 year final monetary bubble (and thus all of the asset bubbles) was blown by the world's central banks, coordinated by the BIS while the c.b.'s and bullion banks rigged the gold market so that "tell" of rocketing gold prices wouldn't advertise their perfidy as the party roared.

The bubbles are coming down one by one now with the bond bubble being the final one that will let go.

Thanks to our central planners at the central banks - and to the bullion banks who rigged the gold price. The populace are increasingly understanding your part in all of this.

 

Sat, 05/04/2013 - 18:41 | 3530609 Fredo Corleone
Fredo Corleone's picture

"Immediately, and make permanent, increase in all federal taxes by 60%..."

Ferguson here dutifully parrots his "arch enemy" Krugman. Simply another Oxford-indoctrinated European soclialist - with an ever so subtle, yet ultimately negligible, rightward bent - whose grand, "considered" solution is to balance the Government's morbidly obese budget upon the backs of the already financially-strapped governed.

"Hypocrisy can afford to be magnificent in its promises, for never intending to go beyond promise, it costs nothing."

- Edmund Burke

Sat, 05/04/2013 - 19:10 | 3530646 Imminent Crucible
Imminent Crucible's picture

He presented first the alternative of immediate and permanent 30% cuts in government spending, but you ignored that. He offered "one or the other, take your pick".

Was it careless reading, or just the urge to bash?

Sat, 05/04/2013 - 19:18 | 3530659 Richard III
Richard III's picture

Why, then, not a reduction in bloated government expenditures by 60%, and taxes remain level ? Why should the public be punished for a government hunger for expansion which grows unsated ?

Sat, 05/04/2013 - 19:26 | 3530660 Pinto Currency
Pinto Currency's picture

 

In the first 60 seconds of this clip, Robin Williams shows he knows far more about our financial crisis than Niall Ferguson:

 

https://www.youtube.com/watch?v=JuFnzNsz3sc

 

We now need Robin Williams to give us 60 seconds on Bail Ins.  Who needs another book by Ferguson.

 

Sat, 05/04/2013 - 19:57 | 3530708 clymer
clymer's picture

Please Ferguson. Go back to licking Heinz scrotum, you neo-feudalist. (60% ..?) Spoken like a man who would proudly sacrifice individual freedom and human potential, in exchange for globally consolidated power in the hands of few inter-generational monied sloths who sign his paycheck

Sat, 05/04/2013 - 21:53 | 3530934 CompassionateFascist
CompassionateFascist's picture

Ferguson is a Rothschild/Globalist cognate. They pinned an award on him for his sychophantic bio of the ultimate Moneychangers. Still, his book on WW I is quite good, and he is always worth a listen. Esp. when he disses that faggot-pedophile Keynes. Discount teh apology.  

Sun, 05/05/2013 - 16:33 | 3532660 Manthong
Manthong's picture

he has a massive book on the "rothschilds" (wink.. wink.. nod.. nod) as well..

oy vay.    and all this time I thought it was a deformation.. or a dislocation .. or a misallocation

 

Sun, 05/05/2013 - 11:13 | 3531984 Occasional
Occasional's picture

Why should the public pay? Well, um,er, ah, because at the end of the day, it's 'the public' that goes to the polls and elects the people who, in the end screw them over. If they voted for people of intelligence and loyalty to our (US) founding principles, we'd generally be in good shape. In short the first world, despite it's much esteeemed 'education' system, is populated, by poorly formed mobs of infanile narcissists who vote for folks they believe will give them free stuff in exchange for pacification. When they see they are no longer gonna get their free stuff, then the folks they've punted responsibility for their lives to are the assholes. Don't get me wrong I'm no fan of the leadership, but 'we' put them there. They are exceedingly self seeking....

Oh. Hey, look at that! They're just like the folks who elect them! Aaaaaah yes, grasshopper; the beauty of 'representative government'.

;-)

Sat, 05/04/2013 - 17:17 | 3530509 James_Cole
James_Cole's picture

This is how academia works.   A guy like this makes a bunch of unsupported and frankly unsupportable claims, and cites himself as authority.  He is an expert, after all, being a student of such things. 

I think it's more how the internet works - slap a bunch of random claims together and then click publish. No need to make an argument, gather sources, edit etc. 

If one were to try and make a counter-argument to what this guy wrote, first you'd have to separate out all his variety of claims (there are numerous) and coutner based on assumptions of what he was referring to - making the whole thing futile.  

Sat, 05/04/2013 - 17:27 | 3530528 newworldorder
newworldorder's picture

All 3 of you are correct. Ferguson has no skin in the game. He is an articulate, well educated man who has been adopted as a historical sage by both the right and left in America.

I would have a lot more respect for him if he started pissing people off in this writings. No generalities please - start naming names of all the thieves that he knows form Wallstreet and Academia. 

Sat, 05/04/2013 - 19:15 | 3530655 Imminent Crucible
Imminent Crucible's picture

Well, he seems to have pissed off virtually everyone on this comment board including you, so that's a start. My take is that Niall Ferguson is useful when he criticizes; he very often gets the problems right. It's when he goes into solutions that he gets into trouble, and that is no doubt the result of his Harvard indoctrination. The Ivy League schools do not educate; they prepare their subjects for induction into the elite class that enunciates policy and shapes the public discourse. It might not be quite so odious if they did not uniformly exempt themselves from the edicts and onerous burdens they lay on the rest of us.

That is, the rest of us who trouble ourselves to pretend to obey the Brahmins. For myself, I can't be bothered.

Sat, 05/04/2013 - 19:32 | 3530675 newworldorder
newworldorder's picture

I will give you a +1 for your astute comments. That  may slightly ofset the minuses you will get from the "ivy league protection society."

Sat, 05/04/2013 - 19:51 | 3530707 Imminent Crucible
Imminent Crucible's picture

You're an inspiration, NWO. I agreed with you so much that I gave myself an up arrow. One for you, too, in the interests of fairness and balance.

Sat, 05/04/2013 - 17:19 | 3530515 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

This was a Q&A, not an academic paper

Sat, 05/04/2013 - 17:44 | 3530548 James_Cole
James_Cole's picture

It's not a Q&A it's 'notes' from a lecture. I doubt Ferguson's whole talk was unsupported claims and if the author is presenting a summation of the talk he needs to present at least the basics of actual argument otherwise it's useless.

If I were to say, "Goolsbee gave a talk the other day, here's what I got - Obama is a much better president than Bush II, as can be seen with the Dow way up" it would actually be more of an argument than what this guy came up with but still useless. 

Sat, 05/04/2013 - 19:18 | 3530657 e.blair
e.blair's picture

Your objections are idiotic.  It is an hour long talk. 

Sat, 05/04/2013 - 19:26 | 3530665 Imminent Crucible
Imminent Crucible's picture

I see the Down Fairies are out in force this evening. Must be the weather.

Sat, 05/04/2013 - 19:53 | 3530710 Keegan11
Keegan11's picture

Dude, it's a fucking Q&A ... Take his course if you want detail . Tool

Sat, 05/04/2013 - 21:59 | 3530890 James_Cole
James_Cole's picture

Hey guess what I just saw a debate on minimum wage, really interesting arguments on both sides. Here's my summation:

Speaker one said minimum wage should be abolished, is bad for the economy and destroys jobs.

Speaker two said minimum wage should be kept, is good for the economy and creates jobs.

Really provocative stuff! 

Was also in court the other day, defending a client on tax fraud charges. Let me sum up our argument; our client shouldn't face fines because they paid all their taxes. But wait, before you yell 'freedom!' prepare for the bombshell the prosecutors came up with! They countered that there should be fines because our client didn't pay all their taxes. 

Again, great points on both sides! Going to be tough for the judge!

Mon, 05/06/2013 - 22:57 | 3536501 masterinchancery
masterinchancery's picture

He was assuming you had some knowledge of history, otherwise he would have to write a book on each statement.

Sat, 05/04/2013 - 19:06 | 3530638 Dick Buttkiss
Dick Buttkiss's picture

Right you are, flacon, as there is no more pernicious form of taxation without representation than government bonds, as they are taxes on those who are either not old enough to vote or not yet living.

Not that voting means shit, as "democracy" is as big a scam as any other form of statism, all of which can kiss my ass.

Sat, 05/04/2013 - 22:09 | 3530964 Dick Buttkiss
Dick Buttkiss's picture

Don't know what your beef is, down-voter, but as the most influential liberal columnist in America, Walter Lippmann, wrote in 1929: 

A state is absolute in the sense which I have in mind when it claims the right to a monopoly of all the force within the community, to make war, to make peace, to conscript life, to tax, to establish and disestablish property, to define crime, to punish disobedience, to control education, to supervise the family, to regulate personal habits, and to censor opinions. The modern state claims all of these powers, and, in the matter of theory, there is no real difference in the size of the claim between communists, fascists, and Democrats. There are lingering traces in the American constitutional system of the older theory that there are inalienable rights which government may not absorbed. But these rights are really not inalienable for they can be taken away by constitutional amendment. There is no theoretical limit upon the power of ultimate majorities which creates civil government. There are only practical limits. They are restrained by inertia, and by providence and even by goodwill. But ultimately and theoretically they claim absolute authority as against all churches, associations, and persons within their jurisdiction.

Has anything changed other than to entrench this limiltlessness, and hasn't our money been stolen from us precisely as Henry Ford well knew and, as an oligarch of his time, thoroughly approved of?

It is well enough that the people of the nation do not understand our banking and monetary system, for if the did, I believe there would be a revolution before tomorrow morning.

The state can kiss my ass.

 

Sat, 05/04/2013 - 22:33 | 3531004 Imminent Crucible
Imminent Crucible's picture

The state may kiss yours, but I'm not offering mine. The state kisses like a piranha.

Sat, 05/04/2013 - 19:56 | 3530713 Peter Pan
Peter Pan's picture

And stocks may well turn out to be like the stocks used in England where people had their heads and hands locked in while in a sanding position.

Sat, 05/04/2013 - 16:20 | 3530408 whotookmyalias
whotookmyalias's picture

Depends on what he meant by "plenty".  Compared to today where it has all gone to hell, what they used to have and enforece could be argued to be "plenty".  It's all relative.

Sat, 05/04/2013 - 16:33 | 3530430 LetThemEatRand
LetThemEatRand's picture

It was the repeal of Glass Steagall that was the straw.  I totally agree that much government regulation is just unnecessary red tape, much of which is actually written by large corporations who want to squeeze out the little guy.  It's the big stuff that matters.  Eric Holder's second in command actually admitted that he believed prosecuting TBTF banks for doing things like knowingly selling worthless paper to pension funds would result in a systemic collapse of our economy.   That is fucked up on more levels than I care to count.

Sat, 05/04/2013 - 16:35 | 3530434 Skid Marks
Skid Marks's picture

 

The fact of the matter is that there is too much paper regulation and not enough enforcement of existing law.

Sat, 05/04/2013 - 19:24 | 3530663 Freewheelin Franklin
Freewheelin Franklin's picture

It is impossible to regulate all of the moral hazard in the system. The banks know, for a fact, that they will get bailed out. That's what the Federal Reserve was intended to do - "lender of last resort".

 

But it's gone even further than that. Whether it is Mexican bonds, Russian bonds, tech stocks or housing, the banks, particularly Goldman Sucks, is basically guaranteed a bailout either by the Fed, the Treasury, or both.

 

So, when I hear people say there's "not enough regulation", or even, the "current regulations are not enforced", I think to myself, they never were meant to be enforced - at least not in the past 30 years, or so.

 

You do not need "regulations" to enforce basic violations of fraud. Fraud is fraud. Solvency is solvency. If you commit fraud, and are insolvent, your company gets seized, assets auctioned off, and you go to jail. End of fucking  story.

Sat, 05/04/2013 - 21:39 | 3530904 BigJim
BigJim's picture

Another problem with regulations 'regulating' the financial system is that if an institution obeys them, and gets into trouble, it can turn around and expect help from .gov because, after all, it was doing it 'by the book' - therefore, its failure must be to some extent .gov's responsibility.

Sat, 05/04/2013 - 17:02 | 3530431 Skid Marks
Skid Marks's picture

 

An Unqualified Apology

 

I see no problem linking Keynes to being queer. However, to apologize for making that point after using it as a basis for trying to understand the subjects thought process tells me that the speaker is a coward who has succumbed to the rule of the jack boot. Freedom of speech is a right........ as long as it has been approved by the censors.

Sat, 05/04/2013 - 17:47 | 3530553 ebworthen
ebworthen's picture

If he wants to keep his post at "Hahvahd" he must bow low to the P.C. thought police for daring to impugn a protected class.

If he had said that Keynes was a rabid heterosexual old imperialist white guy he would have received an award.

Sat, 05/04/2013 - 19:23 | 3530662 Imminent Crucible
Imminent Crucible's picture

If he'd said that Keynes was a rabid heterosexual, he would have been laughed at. Keynes' trysts with chauffers and stable boys were common knowledge in his own day. He kept diaries about them.

The truth is that Keynes' statement, "In the long run we're all dead" was a contemptible evasion from a legitimate question. Whether his homosexuality tempered his unconcern for the long term is open to debate. But it's a fact that for most of us, having children makes the future personal. Most of us are not large enough in spirit to have genuine concern for faceless masses that have not even been born yet. But when you look into the face of your child or newborn grandchild, you see the future and you know it matters. That's why Keynes' toss-off was a damnable dodge.

"That man who plants a tree, knowing he will not live to sit under its shade, has begun to grasp the meaning of life."

Sat, 05/04/2013 - 19:38 | 3530686 Nick Jihad
Nick Jihad's picture

Well said, sir, well said.

Sun, 05/05/2013 - 19:03 | 3532868 koperniuk666
koperniuk666's picture

yes Nick, Shoving it up a man's arse is wrong. He will answer to Jehovah on the day of Judgement. 

There's no sweetcorn on the end of my cock!!!

Proper sex is up the missus's 'front bottom'

With the light off!

waaaaa.....

Sat, 05/04/2013 - 17:49 | 3530557 kaiserhoff
kaiserhoff's picture

You're right, but Harvard is an epicenter of political correctness, and free speech is hated with a purple passion.

It's also small and claustrophobic.  A great place to be from..., far away from.

Sun, 05/05/2013 - 09:23 | 3531783 Dull Care
Dull Care's picture

Totally agree. There was nothing unreasonable about what he said. I'm so sick of political correctness and its oppression of speech.

Sat, 05/04/2013 - 19:36 | 3530683 Nick Jihad
Nick Jihad's picture

Drop the marxist rhetoric for one moment and think. I say that the problem was not a lack of regulation, it is simply that government cannot be a regulator and an enabler simultaneously. In other words, crony capitalism is the problem - it nullifies any and all regulation, as we have clearly seen in recent years.

 

Sat, 05/04/2013 - 21:02 | 3530817 Imminent Crucible
Imminent Crucible's picture

Yep. Like Goldman Sachs being a proprietary trading house AND a Supplemental Liquidity Provider at the same time. The temptation to cheat is irresistable--or would be, if Goldman Sachs ever felt any temptation to do the right thing.

Sat, 05/04/2013 - 23:10 | 3531077 PKF
PKF's picture

No, they're Son-of-Short-Dicks!

Sat, 05/04/2013 - 15:59 | 3530374 lolmao500
lolmao500's picture

"the reality that there was plenty of regulation over the financial institutions."

Kill the FED, break up the big banks and go back to Glass Steagall Act...that'll be enough regulation. And of course, hang all the criminals in the banking industry...and their puppets in congress.

Sat, 05/04/2013 - 18:16 | 3530585 Sudden Debt
Sudden Debt's picture

to late... everybody voted for presidents that broke that.
and once broken you can't go back untill it's birned to the ground.

maybe we'll use it with the new banking system after the purge.

Sat, 05/04/2013 - 16:14 | 3530397 Silver Bug
Silver Bug's picture

Western society is passing the torch to the east.

 

http://schiffblog.blogspot.ca/

Do NOT follow this link or you will be banned from the site!