Comments on: Judging Treasury http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: TominWis http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48114 Wed, 18 Sep 2013 23:20:24 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48114 You forgot something, Felix. The Obama Administration inherited a crippled ship with a damaged boiler, AND FIVE MILLION PASSENGERS THROWN OVERBOARD into unemployment, plus another 4 million hanging onto the side of the ship about to fall in. Oh, and half the crew was planning a mutiny and refused to help the captain right the sh.

A bit hard to replace the boiler when you are trying to fish the survivors out of the water. And when half the crew is planning a mutiny and refusing to help the captain right the ship.

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By: fresnodanhome http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48106 Tue, 17 Sep 2013 17:21:56 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48106 “That’s what Michael Lewis thinks we should have done: “I don’t feel, oh, how sad that Lehman went down,” he says. “I feel, how sad that Goldman Sachs and Morgan Stanley didn’t follow. I would’ve liked to have seen the crisis play itself out more.” But if that had happened, the whole ship would have sunk — and would have taken the entire global economy down with it.”

There is the problem with your analogy of the ship – the problem was not the boiler, the problem was who was running the boiler.

Its as if the captain of the Titanic survived, and the authorities said, “Hey, only he knows how to captain a huge, too big to sink vessel, so he should pilot the next one.”
Obviously that is ridiculous, but it is EXACTLY what we did with the banks. The only surprise is that we are surprised that we continue to sink…

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By: David4321 http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48101 Tue, 17 Sep 2013 05:23:14 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48101 Felix, I am afraid you are being far too generous.

Gillian Tett’s piece in the FT is more convincing (http://www.ft.com/intl/cms/s/0/e622fa00 -1bbf-11e3-b678-00144feab7de.html?siteed ition=intl#axzz2f1kyo9sb)

Simply put, Treasury has achieved little, and the situation today is arguably worse than in 2007.

We can only hope that policymakers actually do understand the causes of the crisis and the effectiveness of their responses, contrary to what the response to the Time story suggests.

If not, the “10 years after Lehman” articles could prove to be especially interesting.

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48100 Tue, 17 Sep 2013 04:19:29 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48100 @ y2k: ‘but for me, the real takeaway from the crisis that for all our faults, Americans still lead the world in CREATING a crisis”

FIXED!

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48099 Tue, 17 Sep 2013 03:45:10 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48099 @ y2k: ‘but for me, the real takeaway from the crisis that for all our faults, Americans still lead the world in CREATING a crisis”

FIXED!

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48098 Tue, 17 Sep 2013 03:45:09 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48098 @ y2k: ‘but for me, the real takeaway from the crisis that for all our faults, Americans still lead the world in CREATING a crisis”

FIXED!

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48097 Tue, 17 Sep 2013 03:44:44 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48097 @ y2k: ‘but for me, the real takeaway from the crisis that for all our faults, Americans still lead the world in CREATING a crisis”

FIXED!

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48096 Tue, 17 Sep 2013 03:44:25 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48096 @ y2k: ‘but for me, the real takeaway from the crisis that for all our faults, Americans still lead the world in CREATING a crisis”

FIXED!

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By: y2kurtus http://blogs.reuters.com/felix-salmon/2013/09/16/judging-treasury/comment-page-1/#comment-48095 Tue, 17 Sep 2013 02:16:46 +0000 http://blogs.reuters.com/felix-salmon/?p=22497#comment-48095 “Once the boiler room is ablaze, the first job of the stewards of the ship is, always, to put out the fire.” -fantastic quote and a fantastic post Felix.

The crisis had real victims… mainly the savers who bear the brunt of zero interest rate policy… but for me the real take away from the crisis is that for all our faults Americans still lead the world in dealing with a crisis.

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