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	<title>Comments on: Martin Wolf: Can We Corral the Financiers?</title>
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	<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html</link>
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		<title>By: Independent Accountant</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3941</link>
		<dc:creator>Independent Accountant</dc:creator>
		<pubDate>Tue, 12 Feb 2008 17:10:00 +0000</pubDate>
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		<description>Read Crane Brinton&#039;s &quot;Anatomy of Revolution&quot;.  Compare the US today to 1781 France.</description>
		<content:encoded><![CDATA[<p>Read Crane Brinton&#8217;s &#8220;Anatomy of Revolution&#8221;.  Compare the US today to 1781 France.</p>
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		<title>By: dearieme</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3764</link>
		<dc:creator>dearieme</dc:creator>
		<pubDate>Wed, 06 Feb 2008 23:58:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-the-financiers/#comment-3764</guid>
		<description>@ Anon - in the late 90s I re-read Galbraith&#039;s book The Great Crash.  Over Christmas I reread Simon Schama&#039;s history of the French Revolution, &quot;Citizens&quot;.</description>
		<content:encoded><![CDATA[<p>@ Anon &#8211; in the late 90s I re-read Galbraith&#8217;s book The Great Crash.  Over Christmas I reread Simon Schama&#8217;s history of the French Revolution, &#8220;Citizens&#8221;.</p>
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		<title>By: a</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3756</link>
		<dc:creator>a</dc:creator>
		<pubDate>Wed, 06 Feb 2008 20:27:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-the-financiers/#comment-3756</guid>
		<description>&quot;One response would be to raise capital requirements counter-cyclically, in response to the growth of credit, &quot;&lt;br/&gt;&lt;br/&gt;Nah, won&#039;t work, because it will be too hard to determine the real growth of credit.  Just raise capital requirements - times ten.  That will do the trick:  bankers&#039; salaries will come down, we won&#039;t have any more systemic crises.</description>
		<content:encoded><![CDATA[<p>&#8220;One response would be to raise capital requirements counter-cyclically, in response to the growth of credit, &#8220;</p>
<p>Nah, won&#8217;t work, because it will be too hard to determine the real growth of credit.  Just raise capital requirements &#8211; times ten.  That will do the trick:  bankers&#8217; salaries will come down, we won&#8217;t have any more systemic crises.</p>
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		<title>By: newsman</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3754</link>
		<dc:creator>newsman</dc:creator>
		<pubDate>Wed, 06 Feb 2008 18:39:00 +0000</pubDate>
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		<description>The charts in this post reveal one big reason why income disparities are growing in this country. Wage earners are borrowing to spend, and shelling out ever-larger proportions of their income as interest to the financial class. One recent estimate by a Merrill Lynch economist showed the average percentage of income devoted to interest payments is now at 14 percent, after rising very rapidly over the last few years.</description>
		<content:encoded><![CDATA[<p>The charts in this post reveal one big reason why income disparities are growing in this country. Wage earners are borrowing to spend, and shelling out ever-larger proportions of their income as interest to the financial class. One recent estimate by a Merrill Lynch economist showed the average percentage of income devoted to interest payments is now at 14 percent, after rising very rapidly over the last few years.</p>
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		<title>By: Anonymous</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3753</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Wed, 06 Feb 2008 18:29:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-the-financiers/#comment-3753</guid>
		<description>The model has already been put forward by the enragés:&lt;br/&gt;&lt;br/&gt;On 2 June, Paris sections — encouraged by the enragés (&quot;enraged ones&quot;) Jacques Roux and Jacques Hébert — took over the Convention, calling for administrative and political purges, a low fixed price for bread, and a limitation of the electoral franchise to sans-culottes alone. With the backing of the National Guard, they convinced the Convention to arrest 31 Girondin leaders, including Jacques Pierre Brissot. Following these arrests, the Jacobins gained control of the Committee of Public Safety on 10 June, installing the revolutionary dictatorship. On 13 July the assassination of Jean-Paul Marat — a Jacobin leader and journalist known for his bloodthirsty rhetoric — by Charlotte Corday, a Girondin, resulted in further increase of Jacobin political influence.[9] Georges Danton, the leader of the August 1792 uprising against the King, was removed from the Committee. On 27 July Robespierre, self-styled as &quot;the Incorruptible&quot;, made his entrance, quickly becoming the most influential member of the Committee as it moved to take radical measures against the Revolution&#039;s domestic and foreign enemies.[10]</description>
		<content:encoded><![CDATA[<p>The model has already been put forward by the enragés:</p>
<p>On 2 June, Paris sections — encouraged by the enragés (&#8221;enraged ones&#8221;) Jacques Roux and Jacques Hébert — took over the Convention, calling for administrative and political purges, a low fixed price for bread, and a limitation of the electoral franchise to sans-culottes alone. With the backing of the National Guard, they convinced the Convention to arrest 31 Girondin leaders, including Jacques Pierre Brissot. Following these arrests, the Jacobins gained control of the Committee of Public Safety on 10 June, installing the revolutionary dictatorship. On 13 July the assassination of Jean-Paul Marat — a Jacobin leader and journalist known for his bloodthirsty rhetoric — by Charlotte Corday, a Girondin, resulted in further increase of Jacobin political influence.[9] Georges Danton, the leader of the August 1792 uprising against the King, was removed from the Committee. On 27 July Robespierre, self-styled as &#8220;the Incorruptible&#8221;, made his entrance, quickly becoming the most influential member of the Committee as it moved to take radical measures against the Revolution&#8217;s domestic and foreign enemies.[10]</p>
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		<title>By: Anonymous</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3744</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Wed, 06 Feb 2008 13:05:00 +0000</pubDate>
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		<description>.. or, perhaps, make privatization of profit and socialization of loss a capital crime.  If one is against the death penality, then how about life without parole?</description>
		<content:encoded><![CDATA[<p>.. or, perhaps, make privatization of profit and socialization of loss a capital crime.  If one is against the death penality, then how about life without parole?</p>
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		<title>By: Independent Accountant</title>
		<link>http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-financiers.html#comment-3736</link>
		<dc:creator>Independent Accountant</dc:creator>
		<pubDate>Wed, 06 Feb 2008 06:51:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.nakedcapitalism.com/2008/02/martin-wolf-can-we-corral-the-financiers/#comment-3736</guid>
		<description>No changes in regulation will do  anything.  I have seen 31 years of &quot;regulatory reform&quot; in the CPA profession.  All failed.  My answer: repeal the Federal Reserve Act and let banks fail.  Starting with Citibank.  Financiers compensation is absurd compared with what people earn in the &quot;real&quot; economy.  What does Lloyd Blankfein at Goldman Sachs (GS), a firm which sends &quot;alumni&quot; into the public sector, do to earn a $68 million bonus?  Have former GS guy, Hank Paulson, shill for him?  This is crazy.  Discussing regulatory &quot;reform&quot; is a waste of time.  You are correct, the privatization of profit and the socialization of loss is a problem.  However, it is the Fed that largely makes this possible.</description>
		<content:encoded><![CDATA[<p>No changes in regulation will do  anything.  I have seen 31 years of &#8220;regulatory reform&#8221; in the CPA profession.  All failed.  My answer: repeal the Federal Reserve Act and let banks fail.  Starting with Citibank.  Financiers compensation is absurd compared with what people earn in the &#8220;real&#8221; economy.  What does Lloyd Blankfein at Goldman Sachs (GS), a firm which sends &#8220;alumni&#8221; into the public sector, do to earn a $68 million bonus?  Have former GS guy, Hank Paulson, shill for him?  This is crazy.  Discussing regulatory &#8220;reform&#8221; is a waste of time.  You are correct, the privatization of profit and the socialization of loss is a problem.  However, it is the Fed that largely makes this possible.</p>
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