Start your review of Planet Ponzi Write a review Shelves: business , non-fiction , politics Having read quite a few books on the financial crisis, its good to come across one written by an insider that positvely seethes with anger at the mess were in and lays the blame firmly, fairly and squarely at the foot of the bankers and politicians. When I consider what has happened in the financial community since the first run on Northern Rock, I am just aghast that we, Joe Public, are not down in the City tearing down the blocks of the banks in the way that the people tore down the Berlin Wall when Communism fell. In many ways this is a pretty scary book. For those of us not involved in high finance, the combination of jargon and the size of the numbers involved is difficult to grasp. Fernstein tries to simplify things, but the size of the financial tsunami created is like trying to conceptualise the distance between the planets and stars. Fernstein is relentless in his pessimism when he looks to the future despite his continual protesting that he is actually an optimist.
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Smith Goes to Washington? The one where the good guy, Jimmy Stewart, stands up in the Senate protesting the graft and corruption he sees all around him. But still. He knows right from wrong and he knows that graft and corruption is wrong, no matter how slick the justification or how nice the suit. This blog is the same. The Federal Reserve is charged with preserving the value of the currency, but it has printed trillions of dollars in new money. When inflation is galloping away.
The Congressional Budget Office tells us that Medicare spending is going to bankrupt the budget. You can see their chart of federal debt here.
And a tax cut when the nation is in deficit is really a tax increase, because you have to pay the money back again, and with interest. More insanity. And Wall Street bosses pay themselves extraordinary bonuses even though their stock prices are tanking. You can call it insanity if you wish, or criminality if you prefer.
Ethically, financially, and socially wrong. Much of it is also, in my opinion, illegal and should be punished by long terms in jail. This blog is about these issues.
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