More honest discussion on the progress of bank regulation. Something has been bugging me: we hear there are 1500 lobbyists on the US capital hill every day working for the banks to sway politicians and their policy. We hear this effort costs the banks about 1 million a day. What exactly do they spend 1 million a day on? Campaign contributions? dining? dancing? golfing? what? a million a day is a lot of petty cash. No wonder ideas like “the greater good of the nation” get lost.
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interesting clip with Mark Faber. I have heard some say well the Chinese is somehow different than most economies because they have the perfect blend between central control and capitalism. What nonsense! They are as vulnerable as any to a corrections in overheated sectors of their economy.