The Banksters

You continue to subtly criticize the bankers….

Subtly Criticize? I think that they are moronic fools.”

Do you understand anything about finance?

I put three kids through university.

But..

An investment vastly less risky than a subprime mortgage.

Clearly, however, you don’t understand the importance of financial innovation as it leads to financial growth.

I’m not the only one:

“I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth – one shred of evidence.”
- Paul Volcker

I think we should tax the bankers – both personally and as corporations. The way it is now, they reap the reward for massive risks and we, the taxpaper, cover the losses.

Why do you care? You’re living in Europe, you don’t have to worry about US taxes.

Dream on - and don't get me started on the US tax code.

But if the government taxes the banks, they may move to a different country.

Well, we can dream can’t we. Or, as others have said:

“.. unfortunate, but given the costs of carrying that financial situation around, it may be a price worth paying.”

- Andrew Haldane, Bank of England responding to a threat by London-based bankers to migrate to NYC, Hong Kong and Zürich.

And finally: I was in NYC this week. The bull is the symbol of Wall Street, but the most common thing I saw was signing touting retail space for rent.