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No fucking shit.
I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such as they were best capable of protecting their own shareholders.- Alan Greenspan, former Chairman of the Federal Reserve.
No, really? Amazing. See, I figured that one out in the wake of the Savings and Loan debacle. I saw it again when I read about the robber barons and the birth of the labor movement. Anytime there is a chance to gain wealth, power, and/or prestige, unethical people will flock to it. People who will flout the laws, break the rules, and trample everyone to get their particular brass ring. They may even be a distinct minority, but when there are tens of thousands of bankers, even a 1% rate of occurrence for these thugs means hundreds or thousands of them.
Lord & Sons would be much better off if I had a pintel-mounted M2HB Machine Gun. I see a truck from White Cap or another of our rivals? BUDDABUDDABUDDABUDDABUDDABUDDA. But we have laws that keep us from doing that. So we are forced to beat them into the ground with better service and competitive prices. Darn it.
Folks, I am a high-school dropout. Why the FUCK do I grasp the concept of "people are greedy fucks, and given the chance, will screw their own grandmothers to make a buck" better than a man with a couple of advanced degrees?
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(Anonymous) 2008-10-25 12:10 am (UTC)(link)Because if he admitted it then he'd have to admit that there *IS* a need for sensible regulation of business and industry. And the fact that he played no part in ensuring such regulation existed would mean he's admitting to at least being something between derelict in his duty and criminally negligent.
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BTW, I allow anonymous posts, but request that people identify themselves in them. So, who are you?
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(Anonymous) 2008-10-25 12:21 am (UTC)(link)no subject