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HomeGS, JPM, MS et al: No Longer Just Banks
Posted by Larry Doyle on July 10th, 2013 7:49 AM |
But how have the banks gotten bigger? It is not merely via the issuance of home mortgages, credit cards, corporate loans, and some derivatives transactions.
The new rent-seeking, market manipulating economy that is coming to define the American landscape is reflected in a host of other ways. Should we even call these institutions banks anymore? (more…)
Parking in Chicago: Two Minutes for Two Bits
Posted by Larry Doyle on June 25th, 2013 8:35 AM |
Do you ever get to the point when you think your life is one large windshield and every bird in the world has taken a liking to you?
Let’s take a break from trying to decipher the nuances and obfuscations in all too many statements emanating from the Federal Reserve system and focus on simple matters of everyday life.
To do just that, let’s navigate to the Windy City and the state of Illinois and revisit a chilling comment left here the other day by a regular reader: (more…)
Uncle Sam’s Rent-Seeking Economy circa 2013
Posted by Larry Doyle on May 29th, 2013 5:22 AM |
Are we in the midst of the greatest transfer of wealth in modern times?
I will allow others to debate the merits of that question, but I propose it in order to address what I see increasingly as the “new normal” reality of our current economic condition here in the United States. What lies at the core of this new normal dynamic? A rent-seeking economy, defined as:
When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don’t create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group. (more…)
