What they all boil down to is that the Fed is creating money out of thin air to either provide

lubrication to the financial markets to prevent them seizing up or supporting the value of

securities whose value is in question. I know a lot of people on the left just say let it all go

down. I don't think that's a very good idea. If we see the banking system go down, everything

goes down with it. We've got enough problems as it is without adding the banking system to it. But what frustrates me is, and we did this

10 years ago and we're going to do it again, probably, is just providing all this assistance

to try to recreate the status quo. There were some regulatory changes after 2008, 2009, but not all that

much.

And what we really need to do is to make bail out of the banks conditional, they're behaving very differently.

And in that article I proposed, just socializing the big ones, which should be a nice thing to do.

My idea would be to turn finance into something like a utility, providing basic financial services.

We all need checking accounts. We want savings accounts. Businesses need loans just to keep going, these kinds of

basic financial services which banks perform. And that should be it. Get rid of the hedge funds,

get rid of the private equity guys, get rid of all those destabilizing parasites, and just turn finance into something like a public utility.

But even short of that socialization and that euthanasia of the parasites, it just regulate these guys more tightly,

prevent all the recklessness and destabilization that they sow, but also they have this business model where they can be as

reckless as they want in good times and then just assume that they're going to get bailed out in

bad times. And we need to get away from that business model. We've got to stop socializing

losses and start socializing gains. The parasites would argue, of course, that they create value by distributing,

by getting capital efficiently to its most valuable use. That's bullshit, right? They do nothing of

the source. I mean, you know, there's somewhat difference between hedge funds and private equity.

Hedge funds are just basically pools of speculative capital that move in and out of markets,

...