Pat Dollard

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Dollard Nation:

This is by far, one of the most important videos you can watch today in regards to the Economy.

Key highlight:

Excerpt from about 28 minutes in:

Rose: Is there something about this great American experiment that makes you confident that we will come out [of this financial crisis] OK? Is it somehow that we will just make this happen, rather than any specific thing?

Volcker: We will get out of it. The basic economy interestingly enough until recently was quite strong.

We’ve discovered that we’re more competitive than we thought we were in a lot of manufacturing industries. We are still innovative. We’re still the leaders in high tech. I hope we remain that way.

What we need is fewer financial engineers, and more electrical engineers, and chemical engineers and civil engineers to take care of our infrastructure. We’ve poured too much of our capital into false castles in the financial world. Now that’s going to change, I think. …

The magnetism of Wall Street is going to be reduced, obviously. And I think that’s not a bad thing, that we’ll get this talent in other areas of the economy.

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Me: The misallocation is due to the incentives built into a system that is governed by esoteric regulations and crony capitalism where the cronies are the ones writing those regs. Those who write the rules have to continually keep track of those who continuously develop cunning evasions around the rules. Capitalism and the great American experiment was built upon a moral foundation and is successful only when all the players have a conscience with an awareness of the impact on others. When Greed and manipulation are thrown into the mix, who do you think is going to come out on top?

What we do need to see, is every one of the spoiled brats, who are rich on paper ONLY, fall to the way side without ANY bailouts, because they have gotten so damn used to the government stepping in and handing everything to them on a sliver platter. What is the sense of taking a risk in business when you know the risk is false and the American tax payer is your safety net? The same mistakes will be made over & over again until the American taxpayers pockets are EMPTY with nothing left to give.

Just my 2 cents…..