DID GEORGE BAILEY EVER REALLY EXIST…?

December 7th, 2012

Matt Taibbi writes:

What the banking system really needs is a guy who will step in and force bankers to go back to being boring, risk-averse drips who lend businesses money to buy new equipment or fleets of trucks or whatever. What we have instead are coked-up wannabe big shots straight out of Boiler Room who are washing Mexican drug money and laundering Middle Eastern cash and playing around with wild price-fixing schemes – pretty much everything you can think of that isn’t quietly counting beans and helping grow the economy.

Yeah, he did, in a a way. In the early ’90s I took a leap and started my own business with a small loan from a local bank secured by nothing more than my business plan. A banker, who I later discovered was retiring, took a chance on me. I repaid the loan in full and never looked back. The bank made a few pennies off of me and I like to think the banker went out on a small high, but there was nothing sexy or exciting about the transaction.

I don’t know who Taibbi might nominate, but I have a feeling that anyone who would do well in the job doesn’t want the aggravation.

That’s sad.

One Response to “DID GEORGE BAILEY EVER REALLY EXIST…?”

  1. toast says:

    economics is referred to as the dismal science.

    a re-evaluation of reality indicates surpluses are more common. there is surplus capital, and so the oligarchical or plutocratic elements of our present civilization create ways to maximize the prestige of managing it.

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