Notes from Howard's Sabbatical from Working. The name comes from a 1998 lunch conversation. Someone asked if everything man knew was on the web. I answered "no" and off the top of my head said "Fidel Castro's favorite color". About every 6-12 months I've searched for this. It doesn't show up in the first 50 Google results (this blog is finally first for that search), AskJeeves says it's: red.
When he starts to quote Upton Sinclair, he is clearly leaving the realm of Economic Theory and entering the realm of back alley sleaze, fraud and other nefarious activities.
Now that Krugman has posited the motive for the crime/crisis, in the form of Sinclair's quote, he just needs to take the last step and identify the crime/crisis itself. Allow me to help the Nobel Laureate here....it was control fraud, on a massive scale, committed by the largest financial institutions in the country.
Actually, in citing the S&L crisis he is almost there. He simply needs to dig just a little futher to see that there were over 1,000 convictions related to fruadulent and other illegal activities which caused the S&L meltdown.
C'mon Paul take the plunge, and admit to what you now know to be the truth.
So where are today's prosecutions?
Too bad for the S&L thieves that 20 years ago they didn't have the political clout that the big boys enjoy today. But you can't say they didn't try (remember the Keating Five?). Back then a handful of Senators was all the S&Ls could afford. Today the banks own at least the White House and god knows how many Senators and Representatives.
1 comment:
Krugman is getting closer to the truth here.
When he starts to quote Upton Sinclair, he is clearly leaving the realm of Economic Theory and entering the realm of back alley sleaze, fraud and other nefarious activities.
Now that Krugman has posited the motive for the crime/crisis, in the form of Sinclair's quote, he just needs to take the last step and identify the crime/crisis itself. Allow me to help the Nobel Laureate here....it was control fraud, on a massive scale, committed by the largest financial institutions in the country.
Actually, in citing the S&L crisis he is almost there. He simply needs to dig just a little futher to see that there were over 1,000 convictions related to fruadulent and other illegal activities which caused the S&L meltdown.
C'mon Paul take the plunge, and admit to what you now know to be the truth.
So where are today's prosecutions?
Too bad for the S&L thieves that 20 years ago they didn't have the political clout that the big boys enjoy today. But you can't say they didn't try (remember the Keating Five?). Back then a handful of Senators was all the S&Ls could afford. Today the banks own at least the White House and god knows how many Senators and Representatives.
So it goes.
TT
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