mathematically perfected economy™ (MPE™)    1  :   the singular integral solution of  1) inflation and deflation,  2) systemic manipulation of the cost or value of money or property, and  3) inherent, artificial multiplication of debt into terminal systemic failure;    2  :  every prospective debtor's right to issue legitimate promises to pay, free of extrinsic manipulation, adulteration, or exploitation of those promises, or the natural opportunity to make good on them;    3  :  our right to certify, to enforce, and to monetize industry and commerce by this one sustaining and truly economic process.

MORPHALLAXIS, January 14, 1979.

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 Post subject: U.S. Banks Are No Longer Capitalist said Stiglitz:
PostPosted: 24 Jan 2010, 3:46 pm 

Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Stiglitz: U.S. Banks Are No Longer Capitalist
Fri, 22 Jan 2010 03:16 PM
Forrest Jones wrote:

Financial Institutions in the United States are no longer practicing capitalism when they pay big bonuses for good performance yet pass losses onto shareholders, says Nobel laureate Joseph Stiglitz.

“In old-style 19th Century capitalism, I owned my company, I made a mistake, I bore the consequences,” Stiglitz says.

Today, (at) most of the big companies you have managers who, when things go well, walk off with a lot of money. When things go bad the shareholders bear the costs,” he told CNBC.

Socializing the loss but walking away with the gains is not capitalism, Stiglitz says.

Furthermore, the Obama administration is not doing enough to get the economy growing fast enough to really make a dent in unemployment rates.

The government's stimulus plan has made things better than they were a year earlier, Stiglitz tells NPR, but existing stimulus money is bailing out banks and not creating jobs, contrary to what Treasury Secretary Timothy Geithner has said.

“The government has rushed to save institutions it should have let sink and it has let individuals sink instead of coming to their rescue,” says Stiglitz.

“The fact is that even the growth that (Geithner) is talking about is not sufficient to really create the jobs the economy needs. Unless the economy is growing between 3 percent and 3.5 percent, it's not growing enough to create the jobs.”

Stiglitz adds the U.S. needs a new economic stimulus plan ready to be put into place beyond last year's $789 billion package.

Some economists have said stimulus packages will lead to inflation, while others say it's too early to jerk stimulus money out of the economy.

International Monetary Fund Managing Director Dominique Strauss-Kahn said recently governments around the world should keep stimulus programs in play, pointing out that private-sector demand is still weak to make up for a withdrawal in government intervention in the economy.

“If you exit too early (from the stimulus steps), then you'll have the risk of going back into recession,” says Strauss-Kahn, according to Dow Jones Newswires.

Copyright © Moneynews. All rights reserved.

Other sources:
1. Moneynews - Stiglitz: U.S. Banks Are No Longer Capitalist

"Financial Institutions in the United States are no longer practicing capitalism when they pay big bonuses for good performance yet pass ..."

2. AD: U.S. Banks Are No Longer Capitalist by Offsite , 1/23/10

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11. Salon.com News | Joseph Stiglitz: "It's going to be bad, very bad"

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12. Salon Feature | Silencing Joseph Stiglitz

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http://www.salon.com/news/feature/2000/ ... print.html

13. Stiglitz: Sarkozy Has Clearer Economic Vision than US - CNBC

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14. t r u t h o u t | Capitalist Fools

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15. Finance & Development, December 2009 - The People's Professor

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http://www.imf.org/external/pubs/ft/fan ... people.htm

16. People in Economics Joseph Stiglitz- Finance & Development ...

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17. For all Obama's talk of overhaul, the US has failed to wind in ...

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18. Joseph Stiglitz: Fear and loathing in Davos | Comment is free ...

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19. Commanding Heights : Joseph Stiglitz | on PBS

"Since leaving the World Bank in 2000, he has returned to a career in academia. ... JOSEPH STIGLITZ: In Russia, the people were told that capitalism was going ..... JOSEPH STIGLITZ: No, free markets are good, but in the United States and in ... And there's a recognition that that's no longer going to be acceptable. ..."
http://www.pbs.org/wgbh/commandingheigh ... glitz.html

20. AlmightyDollar.net

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21. Interview with Joseph Stiglitz | The Progressive

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22. Joseph Stiglitz - news

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23. Moral Bankruptcy | Mother Jones

"We have created an ersatz capitalism, socializing losses as we ... Nobel Prize- winning economist Joseph E. Stiglitz is the coauthor of The Three ..... All of us out here along the fruited plain must pay back all these trillions. ... This includes those community banks who no longer held their own ..."

24. Capitalist Fools | CommonDreams.org

"Capitalist Fools. Behind the debate over remaking U.S. financial policy will be a ... If banks lend on the basis of artificially high asset prices, .... Joseph E. Stiglitz is University Professor at Columbia University. .... out numerous times in this longer series of exchanges, I'm not a gold bug. ..."

25. Daily Kos: Joseph Stiglitz on Capitalist Fools: How We Crashed the ...

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26. Rebel With a Cause

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27. Demand Side Blog: Joseph Stiglitz on Wall Street (from Vanity Fair)

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28. 'Too big to fail' distorts capitalism - DailyFinance

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29. Stiglitz Scolds 'No Drama' Obama for Failing to Rebuild Economy ...

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31. Nobel Prize winner Stiglitz: Vienna on right track with Tech Gate ...

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32. Market Nut

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http://www.huffingtonpost.com/steve-cle ... 31520.html

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35. Joseph Stiglitz - news

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36. Obama's Ersatz Capitalism - DealBook Blog - NYTimes.com

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37. Le Revue Gauche Blog // Recent Blog Entries // bank crash ...

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38. Globalization and Its Discontents: Amazon.co.uk: Joseph Stiglitz ...

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http://www.amazon.co.uk/Globalization-I ... 014101038X

39. SACSIS.org.za » Video Booth » Video Booth » Joseph Stiglitz ...

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40. Joseph Stiglitz : The subtle truth about globalization: UNESCO

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41. Joseph Stiglitz's blog | Webdiary - Founded and Inspired by Margo ...

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43. Review of Joseph E. Stiglitz, Globalization and its Discontents

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46. Creative-i / Joseph Stiglitz: Crisis As Bad As Great Depression Or ...

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47. The Irish Economy » Blog Archive » Stiglitz on Internal Devaluation

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http://www.irisheconomy.ie/index.php/20 ... valuation/

48. New Left Review - Robert Wade: Showdown at the World Bank

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49. Naomi Klein And Joseph Stiglitz Discuss The Cause And Effect Of ...

"The real bank bailout lives on courtesy of Helicopter Ben's zero interest rate policy. ... dilettante and plutocrat puppet in the history of fiat capitalism. .... Please share some of your measurable predictions for the 2010 US economy. ..... where the paper no longer reflects a man's property. ..."
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50. Newsmax - Newsmax.com - Breaking News, Politics, Commentary

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51. Slovenian Philosopher Slavoj Zizek on Capitalism, Healthcare ...

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52. Permanent Revolution - Making Globalisation Work: The Next Steps ...

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53. Wall Street and the Third World | vanityfair.com

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54. The Meltdown According to Stiglitz - BusinessWeek

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http://www.businessweek.com/magazine/co ... 543966.htm

55. Globalization: A Portrait of Exploitation, Inequality, and Limits

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56. 1/22/10 Testimony of Joseph E. Stiglitz on "Compensation in the ...

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57. Stiglitz Testimony

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58. ABC Fora- Klein, Stiglitz And De Soto: Power, Economics And The ...

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59. Silencing Joseph Stiglitz - Salon.com

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60. The Atlantic | November 2003 | Odious Rulers, Odious Debts | Stiglitz

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61. networkideas.org - The Great Unravelling

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http://www.networkideas.org/news/apr200 ... elling.htm

62. Accountability discourses in advanced capitalism: who is now ...

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63. 'Rebel' Stiglitz: IMF's Last Line of Defense?

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64. MyDD :: Direct Democracy for People-Powered Politics

"The British Foreign Office has repeatedly said that there is no evidence that ... While Obama wants to name some banks as "systemically important" and ... Stiglitz said the U.S. government is wary of challenging the financial ... http: //mydd.com/users/btchakir/posts/are-we-at-the-end-of-american-style-capitalism ..."

65. Democratic Underground - We make the changes Stiglitz - Democratic ...

"Folks, this is no longer a debate about economic theory. ... US Does Not Have Capitalism Now: Stiglitz, skippy911sc, Jan-19-10 10:52 AM, #0 ... Only if he then hires somebody else to do the bank job. kenny blankenship ..."
http://www.democraticunderground.com/di ... id=7517127

66. Chronogram Magazine - January 01, 2010 - Capitalism Hits the Fan

"... however, to prevent the “too big to fail” banks run to repay the billions of bailout ... (Joseph Stiglitz recently countered this moniker with “too big to live. ... retraction of economic stimulus pushed the US back into recession. ... Today, we can no longer postpone the traumatic impact of the end of rising ..."
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67. Economist's View: Stiglitz on China and Why U.S. Economic Advice ...

"Joseph Stiglitz of Columbia University, winner of the Nobel Prize in economics in 2001, ... with China no longer using the money from its trade surplus to fund our huge fiscal deficit, ... Should the Fed Have a Large Role in Bank Regulation ? .... The Curious Capitalist · The Economic Populist ..."

68. Economy - A crash course in capitalism

"The international role of the US economy is determining the accelerated transmission of ... Similarly, at present they are limiting the fall of the banks and not .... Krugman, Stiglitz and Soros have been endlessly repeating their theory that the ... The bankers themselves no longer know what contracts they own, ..."
http://www.internationalviewpoint.org/s ... rticle1562


"Yet Mr Stiglitz is no compliant insider. He left the Bank under a cloud after ..... critique may have once contained a kernel of truth, it is no longer accurate. ..... and Its Discontents does not rise to the level of Capitalism and Freedom. ... And, Stiglitz tells us, it's encumbered by an outdated structure: The ..."

70. TruthNews.us » Blog Archive » Joseph Stiglitz Warns of Dangerous ...

"The Fed's 75 basis point rate cut allows the banks to replenish their balance ... short-term rates and lending longer term, playing the credit 'carry trade', ... Professor Stiglitz blamed the whole US economic establishment for ... That is the spirit of capitalism, and it the only thing that keeps ..."

71. Is Joseph Stiglitz vying for the "Dr. Doom" Title? | The Economic ...

"The demand and supply of bank credit: A small business snapshot from the Southeast ... Naked Capitalism. Links 1/17/10 · “Geither, Fix the Problem, Don't Fake It” ... American Manufacturing Can No Longer Compete · Now and for the Long Run ... Stiglitz Says U.S. Should Prepare 2nd Stimulus: ..."
http://www.economicpopulist.org/content ... doom-title

72. Review of Joseph Stiglitz book proposal: The Economic Role of the ...

"There is no point in going through an idea-by-idea critique of the chapters. .... in East Asia ultimately fund the bailout of banks in East Asia--seems to me to .... it took the U.S. to industrialize (and crony capitalists like Jay Gould, ... and voters will no longer respect the views of notables. ..."

73. Stiglitz Suggests Another Stimulus Even Though It Hasn't Worked ...

"You are no longer following Kevin Mulhern. About this author: ... There is no way that the U.S. economy can increase productivity indefinitely without an ... Macro investor, hard core capitalist, wild eyed libertarian, .... The Trouble With Quantitatively Measured Hope · Bank Regulation: A Necessary ..."

74. Falling Down | The New Republic

"Joseph Stiglitz is University Professor at Columbia University, ... see his name used to promote the modern crony capitalism and its welfare state. ... at what point do the holes get so big that you can no longer fairly ..... to their government-set rules; it was the banks that gambled like crazy. ..."
http://www.tnr.com/article/falling-down ... 9658c99ddf

75. Professor Stiglitz and Keynes

"According to Stiglitz: Since capitalism's beginnings, the market economy has been subject to ... are longer and downturns shallower and shorter in advanced economies. ... of the World Bank, I debated the United States Treasury and the IMF concerning Russia. ... to decrease the productive capacity of the world's No . ..."

76. Renegade Economist » SMH:Banking problems bigger than pre-Lehman ...

"Nobel Prize-winning economist Joseph Stiglitz says the US has ... While Obama wants to name some banks as “systemically important” and ... the question now is how much longer QE is kept going, creating asset bubbles (including housing? ... As Abraham Lincoln said,'No duty is more imperative for the ..."

77. Brooksley Born, American hero - The Curious Capitalist - TIME.com

"Born says she takes no pleasure from the turn of events. .... By the letter of the law, most banks, even the big ones, more than meet their capital ... Three pretty serious figures doubt it --Stiglitz, Johnson, and Krugman. .... China censors news that Google will no longer help Chinese censors. ..."

78. From Schumpeter to Stiglitz

"analyse evolution ± Schumpeter from capitalism to socialism and Stiglitz from socialism to capitalism. ..... consequence of transaction costs, the market economy is no longer Pareto-. eÅcient. .... Stiglitz stresses the role of banks in ... does not teach us a simple lesson. Stiglitz presents four generalizations . ..."

79. Economists call for drastic restructuring of greed-based ...

""Greed is what we based our whole system on," said Stiglitz, a Nobel laureate and economics ... He said the "capitalist ideologies" of the 19th century, ... Right now there is no global framework that would allow this global system to work ... Contact us: Nation Internet. File attachment not accepted!"
http://www.nationmultimedia.com/2009/08 ... 110414.php

80. Keynes, Capitalism, And The Crisis John Bellamy Foster Interviewed ...

"Keynes by the time he wrote The General Theory no longer believed in .... Krugman or Stiglitz, both of whom received the Bank of Sweden's Memorial .... Keynes can help us understand the flaws of capitalism but he cannot ..."

81. Joseph Stiglitz on the Costs of the Crisis

"According to Stiglitz, that's not capitalism. ... Stiglitz: A Dollar Reserve System Makes No Longer Sense for 21st Century · Obama's Plan Will Hurt U.S. Assets · President Obama Throws His Support to Bernanke ... Dick Bove: Obama's Bank Proposal Would Be Very Good for Stock Holders ..."


"JOSEPH STIGLITZ ( United States), former Chief Economist of the World Bank and a .... Already, the Inter-American Development Bank projected the value of remittances ..... The crisis was no longer the concern of a few countries, .... States exercised as economic actors within the capitalist system. ..."

83. Thomas F. Hellmann

"with K. Murdock and J. Stiglitz, American Economic Review, 2000, 90(1), 147-165 ... An earlier longer version of this paper is "A Unifying Theory of Credit and Equity ... Review,” published by the Atlanta Federal Reserve Bank, 87, No. ... Thomas Hellmann (2000), “Venture Capitalists: The Coaches of ..."

84. More casino capitalism, or radical restructuring?

"The question is no longer if there will be a recession, but how severe it will be. ... When the United States investment bank Bear Stearns was bailed ... World Bank chief economist Joseph Stiglitz puts it: "(Even) Wall ..."

85. Professor Stiglitz and Lord Keynes - Frank Shostak - Mises Institute

"According to Stiglitz,. Since capitalism's beginnings, the market economy has ... expansions are longer and downturns shallower and shorter in advanced economies. ... of the World Bank, I debated the United States Treasury and the IMF concerning Russia. ... to decrease the productive capacity of the world's No . ..."

86. Project Syndicate - A World of Ideas

"... Paul Volcker, to reduce the market power of the banks, are being dusted off. ... read ... The EU can no longer afford its fragmented energy-supply system and lack of political cohesion, ... is exactly the sort of president that most of us would want to have in the post for that 3 a.m. ... Joseph E. Stiglitz ..."


"Stiglitz is highly critical of the IMF secrecy, and pricks the bubble of IMF .... and the IMF -and the Treasury made sure there was no open debate. ... who diverted funds to offshore banks, Stiglitz charges that the US was ... IMF did was to make East Asia's recessions deeper, longer, and harder. ..."


"World Bank), Joseph Stiglitz has written a new book that makes a ... dominates the world view of the U.S. Treasury and the IMF (best captured in the term ... international support when crises inevitably occur, is no longer tenable in the light ... and commercial elite of Western (especially American) capitalism and ..."
http://www.hbs.edu/bhr/archives/bookrev ... ermain.pdf

89. We Can't Break Up the Giant Banks, Can We? Yes We Can!

"... us back to a semblance of free market capitalism much quicker. ... Indeed, Nobel prize winning economist Joseph Stiglitz said today: ... “In the U.S. and many other countries, the too-big-to-fail banks ... But the bottom line is this: If the banks are no longer insolvent, they should prove it. ..."
http://www.globalresearch.ca/index.php? ... &aid=15203

90. BBC NEWS | Talk about Newsnight | The Three Trillion Dollar War by ...

"Stiglitz and Bilmes try to put numerical values not only on the damage to the world's .... cronies is they were so blatant they gave Capitalism a bad name ! ... so that by 1971 it could no longer maintain the gold exchange standard. ... World Bank/IMF loans which of course are controlled by the Fed. ..."
http://www.bbc.co.uk/blogs/newsnight/20 ... ilm_1.html

91. The great unravelling

"It is clear that in terms of the activities of the banks, the integration ... including Joseph Stiglitz and Paul Krugman, have already called for more controls on ... 14 2008: it was the day the dream of global free-market capitalism died. ... That is the case no longer. It will be hard, indeed, ..."

92. John Bogle | AdvisorAnalyst Views

"Adam Smith's 'invisible hand' no longer drives 'capitalism in a healthy, ... Bloomberg: Stiglitz sees “big” losses from US bank-rescue program ..."

93. IMF/World Bank

"Firstly, with American capitalism no longer so dominant, US policy .... If you are a US bank with investments [in an economy in crisis] the main thing you ..."

94. 演讲内容分为三个部分

"Professor STIGLITZ: First, saving banks and saving the shareholders of banks are two different ... We should try to avoid a socialist system but a capitalist profit. We used to adopt this system in the US and it is no longer working. ..."
http://www.gititire.com/tsmain/transcri ... liz_EN.doc

95. Glass-Steagall Act » New Deal 2.0

"The act's repeal in 1999 paved the way for bank investments in, ... arguing that it was necessary for the United States to remain ... Take the regulations out of capitalism and it is no longer ... 'Selling Us Short: The Limits of Markets (and Governments),' with Joe Stiglitz and Jim Chanos ..."

96. October 2 , 2008 - Issue 293 Cover Story Capitalism Reaches a ...

"organization turns out not to be sustainable,” said Stiglitz. ... risk-happy investment banks, but more cautious state-sponsored entities,” .... Self- regulation is no longer sufficient.” The US belief in “laisser-faire ..."
http://www.blackcommentator.com/336/293 ... iendly.pdf

97. Nobel Prize Winning Economist: Crisis As Bad As Great Depression ...

"Stiglitz is no stranger to positioning himself in opposition to the ... economy in ways that provide the basis of our longer term economic growth. .... American people ever allow the private banks to control the issue of ..... The best way to destroy the capitalist system is to debauch the currency. ..."
http://www.prisonplanet.com/nobel-prize ... worse.html

98. The Social Science Journal : Central bank independence: A research ...

"Why would Labour, a party founded to use state power to redress capitalist inequities, .... The change would align Britain with the U.S. and other developed nations. ... lower interest rates by blaming a central bank it no longer controlled. .... Stiglitz, 1998 J. Stiglitz, Central banking in a democratic society, ..."

99. Let the banks go bust and start again, says Stiglitz. Is he right ...

"'The new banks will be more credible once they no longer have .... What did the Professor say about the US Banks and Lehemans ..... The second is that for the " creative destruction" process of capitalism to work you have ..."
http://www.citywire.co.uk/personal/-/bl ... ?ID=328193

100. Bhagwati and Stiglitz Cage-match - a knol by Ryan Calkins

"4 Essentially, his argument is that as global capitalism has become ... there is no longer any other viable option for countries to consider. ... as the Chief Economist at the World Bank, Stiglitz was confronted ... As the juggernaut of globalization moves along, let us hope that Bhagwati was right. ..."

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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.

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