April 26th's news (see WSJ Page 1) on how Warren Buffett has intervened in the Congressional debate on derivatives is not good news. It underscores the point made eloquently and persuasively in the recent paper “Capitalism After the Crisis,” by Luigi Zingales, a professor of finance at the University of Chicago School of Business.
Zingales’ warns that the nature of American capitalism is at risk. Financial industry interests – as distinct from the interests of a fair and open-to-competition market – are becoming too powerful and risk being unduly served by government. America is becoming more like Europe or many Asian and South American markets, where it is not what you know but whom you know (or can influence to your way of thinking and in your interest).
Buffett’s latest intervention - in the interest of his holdings and the interests of non-transparent financial practice – is a powerful signal of this financial influence on the political process.
It may be that Obama can resist Buffett on this, but I would wager not. And will the resulting legislation actually serve the public interest in a fair market? Zingales is asking us to consider what is really at stake here, as a Congress heavily supported in campaign contributions by financial interests (note Goldman Sachs et al), and influenced by lobbyists (is Charles Schumer a handmaiden in disguise?), is about to decide where the power will lie. We should remember that Warren Buffett is an investor with investors to protect, and a P&L to preserve. And P&L is not an acronym for public interest.
This is cool that we can get the loan moreover, this opens new possibilities.
Posted by: WatkinsJessie19 | May 06, 2010 at 07:47 AM
Thanks for article. Every time like to read you.
Posted by: Eli | September 15, 2010 at 11:36 AM
I strictly recommend not to wait until you earn big sum of cash to buy all you need! You can just get the loan or student loan and feel fine
Posted by: home loans | August 12, 2011 at 01:16 AM
Do you want to get resume writers, which conform the range of study you expect?. You can count on our resume writers, as you rely on yourself. Thanks because it’s the interesting
Posted by: resume writers | June 20, 2013 at 01:32 AM
If you are willing to buy a house, you would have to get the business loans "goodfinance-blog.com". Moreover, my brother usually uses a car loan, which is really useful.
Posted by: home loans | July 13, 2013 at 10:11 AM
Owing to professionally done essay writing review essaysreview.com, I was able to cooperate with the dependable online essay writing service to buy original essays at. Today, if I feel necessity for immediate writing support, I do know where to go with regard to get hold of the high quality writing materials I'm hunting for.
Posted by: TopWritingService.com testimonials | September 08, 2013 at 01:20 PM
Have a need to get professional CV writing services? Have no idea where to buy resume paper? Click here where you can find professional resume writers review. Our best resume writers will assure you that buying resume can bring job seekers professional success!
Posted by: this Web site | September 08, 2013 at 01:24 PM