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Member since: 2001
Number of posts: 32,414

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An excellent article on B of A's woes

This is from last October, but we're still seeing the ramifications today.


The blog site is a hangout for post-Keynesian economists.

BAC’s request to transfer the problem derivatives to B of A was a no brainer – unfortunately, it was apparently addressed to officials at the Fed who meet that description. Any competent regulator would have said: “No, Hell NO!” Indeed, any competent regulator would have developed two related, acute concerns immediately upon receiving the request. First, the holding company’s controlling managers are a severe problem because they are seeking to exploit the insured institution. Second, the senior managers of B of A acceded to the transfer, apparently without protest, even though the transfer poses a severe threat to B of A’s survival. Their failure to act to prevent the transfer contravenes both their fiduciary duties of loyalty and care and should lead to their resignations.

I think the "homophobic people are closetted gays" thing is wearing pretty thin

Authoritarian followers like simple things, simple thinking. Authoritarian leaders know how to deliver those. Authoritarian followers fear "the other" and complexity. Authoritarian leaders know how to prey on those fears. Hence, they rely upon the easy, time-worn scapegoats;

  • gays
  • women
  • intelligent people
  • people who look or behave differently
  • people who believe other things or follow other traditions

There has been much talk of Steve Jobs "reality distortion field". While he was no conservative by any stretch of the imagination, he did share that one characteristic, the ability to create an alternatively reality out of thin air, then do everything in his power to make this so.

I grew up in a "conservative" household with all the trappings including the white fence (it was ranch-style, not picket). I was expected to believe and act on things that were demonstrably not true. Slogans, old-wives-tales and urban myths trumped reality. I was not allowed to believe the evidence of my own eyes. When I finally got out of that household, I had no tools with which to confront the real world, because up until that point, it didn't exist.

For authoritarian followers, it's simply safer to live in "the box", mumble the scripts dictated to them by their leaders, believe what they're told to believe and lash out at anything that could possibly make that change.

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