Bankster Rap
October 26, 2012 12:03 PM Subscribe
Once the financial sector achieves a certain size, its continued expansion reduces economic growth, according to a new study by two senior economists at the Bank for International Settlements, Stephen Cecchetti and Enisse Kharroubi, using a large international data base stretching back more than 30 years.
Carefully selecting sources of information, such as data sets and/or academic studies, allows one to experience the thrill of self-satisfaction that comes from having one's prejudices confirmed, according to a new study by everyone on MetaFilter, everyone who watches the nightly news, and everyone who votes for the same major political party every four years.
posted by gd779 at 1:38 PM on October 26, 2012
posted by gd779 at 1:38 PM on October 26, 2012
Among some, perverse contrarianism also appears to be quite conducive to self-satisfaction.
posted by Skeptic at 1:54 PM on October 26, 2012 [5 favorites]
posted by Skeptic at 1:54 PM on October 26, 2012 [5 favorites]
Interesting study, thanks for posting.
posted by kprincehouse at 1:55 PM on October 26, 2012
posted by kprincehouse at 1:55 PM on October 26, 2012
Drug money laundering, however, may be the most profitable overall. Wachovia Bank, now part of Wells Fargo, signed a settlement to avoid criminal prosecution for improperly and illegally transferring at least $398 billion from Mexico, most of it obviously drug cartel money. The banking subsidiary of American Express engaged in similar laundering on a smaller scale. Another money laundering case, possibly the biggest, is now under negotiation between HSBC and the U.S. authorities.
Seriously? What the fuck.
posted by Potomac Avenue at 1:59 PM on October 26, 2012 [5 favorites]
Seriously? What the fuck.
posted by Potomac Avenue at 1:59 PM on October 26, 2012 [5 favorites]
At first, these results may seem surprising.
Not really!
posted by chavenet at 2:09 PM on October 26, 2012
Not really!
posted by chavenet at 2:09 PM on October 26, 2012
Now the Wall Street ethical style is infecting the rest of industry. The private equity business, which specializes in highly leveraged buying and selling of whole companies, is a primary vector for spreading the disease.
Calling the deification of greed a disease is actually a really powerful metaphor. Corporations don't have to be evil, any more than humans have to act on their first impulses. They must be bound by the rule of rational laws or else they will kill us and themselves, like a mad king. And you don't necessarily need a study like this one to prove that to yourself.
(An older op-ed about the study from NPR money here.)
posted by Potomac Avenue at 2:09 PM on October 26, 2012 [2 favorites]
Calling the deification of greed a disease is actually a really powerful metaphor. Corporations don't have to be evil, any more than humans have to act on their first impulses. They must be bound by the rule of rational laws or else they will kill us and themselves, like a mad king. And you don't necessarily need a study like this one to prove that to yourself.
(An older op-ed about the study from NPR money here.)
posted by Potomac Avenue at 2:09 PM on October 26, 2012 [2 favorites]
In other news, apparently the statute of limitations is soon to expire on any executives being criminally indicted/prosecuted for the 2008 financial collapse. Have a great weekend!
posted by Thorzdad at 2:42 PM on October 26, 2012 [2 favorites]
posted by Thorzdad at 2:42 PM on October 26, 2012 [2 favorites]
"Once the financial sector achieves a certain size, its continued expansion reduces economic growth..."
Wow. These people need tax cuts.
posted by markkraft at 10:09 AM on October 27, 2012
Wow. These people need tax cuts.
posted by markkraft at 10:09 AM on October 27, 2012
« Older contact juggling | She may not look like much, but she's got it where... Newer »
This thread has been archived and is closed to new comments
posted by Skeptic at 1:34 PM on October 26, 2012 [3 favorites]