No sweeter words have been spoken in the last 13 years than this lucid conversation with Thomas Hoenig, director of the Federal Deposit Insurance Corporation, talking about his proposal to reinstate the Glass-Steagall Act and regulation of the financial industry. Hoenig, speaking with Kathleen Hays and Vonnie Quinn on Bloomberg Radio, also discusses JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon’s seat on the board of the Federal Reserve Bank of New York. Here is a direct link.
I am reminded of one of my favorite quotes:
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”
— from Extraordinary Popular Delusions And The Madness Of Crowds, Charles McKay’s 1841 classic work on mass hysteria and national crazes.
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The banks have milked the system to the max, might as well pretend to reform (until such time as they can do it again – and if history is any guide – they will do it again and again).
‘is there enough gold on earth to save the world?’