I see it like this. I believe in the freedom of investors to lose their shirts in the markets ... I have no problem with that at all. Where I have a problem is where Investors create a blackmail scenario like we have now. Where the deposits of bystanders to the markets, parked in commercial banks, are at risk of being wiped out by investor's hubris, irresponsibility, and greed.
We need to drop the Glass-Stegall firewall between Commercial Banks, Investment Banks, and Insurance Companies. We need to protect the deposits and savings of hundreds of millions of Americans who would rather not revert to their mattresses to insure a modicum of safety for their hard earned money. Americans who have no understanding of markets, desire to be a part of them, and simply want their hard earned money safe.
I have no problem with a heroin addict ODing, just as I have no problem with investors losing their shirt and diving off the roof of a building. That's the choice they made, so be it. I just feel that it is unconscionable that the entirety of America is along for the ride with Wall Street's self destructive foolishness.
Drop the Glass-Steagall firewall, protect the people's money and let the chips fall where they may for an investor class who would no longer expect the government to play wet-nurse by providing bailouts to cover losses incurred by their egregious mistakes.
Read the Article at HuffingtonPost
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