Saturday, August 1, 2009

Being Eliot Spitzer III

Having written of Eliot Spitzer here, I am increasingly impressed with his insight and his forthrightness. I think he should be listened to.

"Let me tell you a dirty little secret. The Fed has done a disastrous job since Paul Volcker left...Look at the governing structure of the New York Fed, it was run by the very banks that got the money. This is a Ponzi scheme, it is an inside job, it is outrageous, it is time for congress to say enough of this, and to give them more power now is even crazier."

--Eliot Spitzer


rebecca said...

You know, I very much liked the Sheriff of Wall Street and thought he would've made an excellent governor had he not short-circuited his tenure there. I am not a fan of Patterson and given the option, I'd opt for Spitzer to regain that position once again - indiscretion or not. I'll just utter one name: Bill Clinton.

Call me crazy, but don't you think he'd do a much better job in the Federal Reserve than Bernanke is doing now? I happen to think so.

Judith Ellis said...

Conservative columnist of the New York Times, David Brooks, whom I followed for years and whose columns I often appreciate, wrote a thoughtful piece on Bernanke and the Fed that is worth considering. Here it is. I'm still with Eliot Spitzer, Nassim Nicholas Taleb and Arianna Huffington.

After Arianna was on MSNBC the other night and said that Goldman Sachs would have been insolvent had it not gotten a bailout via AIG, the very next day Richard Wolfe, who was in for Keith Olbermann, had to make some sort of Goldman Sachs concession. It was a flagrant retraction. I can only imagine that pressure was applied to NBC and they caved.

Regarding Patterson, from a far he seems way weak and ineffective. I thought his handling of the Caroline Kennedy senatorial bid was quite lame and indecisive. But I do not know about the policy matters in the state. I am, however, quite annoyed that Bloomberg has been able to skirt the law and run for mayor again. He has been given that opportunity right?

Roger Stone said...

Eliot Spitzer is worse than Richard Nixon. How did the NY pension scandal happen right under his nose? Why did he and his family trust get their money back from madoff just before Bernie crashed? Why didn't Spitzer pursue Madoff ? Why did he use the NY State police to spy on his political opponents and fabricate state documents to smear them? Why did Spitzer lie about his involvement and try to cook the investigation?
Spitzer destroyed AIG- convicted NO ONE in his effort. AIG crashed only after Spitzer removed managment and their more conservsative risk rules. The transaction s that destroyed AIG happened only after Spitzer removed Greenberg. The man is a tyrant, a ego-maniac and a pompous know it all who never had the personality to get along with anyone else in Government. A Governor cannot command others to do as he wishes. The man is an ass.

Judith Ellis said...

Roger - The list of allegations that you refer to here I am uncertain of. But do give links to them and I will gladly read them. Thanks.

My respect for what I have read of Eliot Spitzer over the last year and his voice throughout this crisis on various television news outlets, I have appreciated very much.

Regarding AIG, do you actually believe that AIG's dealings with its Hedge Fund which supported banks that engaged in credit default swaps and the like had nothing to do with its woes?

Also, may I ask something of you? Why do you change your moniker so often here and elsewhere? No worries at all really. Just wondering.

The Write Girl said...

I didn't know Spitzer had a new gig. I've heard a lot of these companies on Wall Street are back to giving these elaborate bonuses. Hopefully, the economy will begin to turn around soon but we likely won't see the results until 2010. Always interesting to read what you have to say Judith.

Judith Ellis said...

Hey The Write Girl! I'm not sure whether Spitzer has a new gig or not. Over the past year or so I have read many articles on his take of the financial crisis and have seen him on quite a few network news shows. He has been impressive each time.

Regarding Wall Street compensation, I have really never been one to harp on such when companies are private. What concerns me is when they need bailouts for survival and then go back to their old ways which means that we will have to bail them out again, especially if there are no regulatory restrictions, not on compensation unless our interest has to be considered.

Another concern is for private companies that benefit executives and shareholders, while the disparity between the average worker is vast. I'm also not talking about what the Big Three did that made it impossible to be competitive. I am thinking of Walmart. It's a great store for low prices and variety. But it's amazing when you look at the Walton annual compensation compared to their employees who are not even offered healthcare; its disheartening. From what I gather Dad Walton was different. He seemed to actually care about his employees.

It is always good to have you here, lovely poet.