Professor Elam

Wed Nov 10 2010

I have several links to new sources outside the US on this blog. It is important to get different points of view. Here is the

Taiwan view of the US banking system.

I disagree on the tax cuts, if one owns five pizza parlors it would take $250,000 in profits to stay in business in my mind which is hardly rich status. And the government is just going to give the money in taxes to grow more government, hardly a cure for our ills. 

 (from Jesse Cafe Americain)

Obama and the Congress has failed to reform the Too Big To Fail banks, and so this is the state the world now finds itself in with Wall Street and other big multinational banks taking record bonuses from their people. In the US alone Wall Street will be taking a record $144 billions in bonuses this year while the country suffers. To put this in context, M1 money supply is now about 1,800 billion. So Wall Street is taking about 8% of the national M1 money supply in personal bonuses this year not including subsidies both direct and indirect. That is not a financial system; that is racketeering. And any reform movement that does not address this need for systemic reform is misguided at best, and quite possibly yet another calculated diversion from the monied interests.