American - Businessman | August 22, 1944 -
Imagine how much capital a country like Argentina might attract - if instead of defaulting seriatim and affecting a pose of anger toward creditors, it borrowed responsibly and honored its obligations.
Paul Singer
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The building block of every community is family.
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While many of Mr. Obama's ideas warrant skepticism, conservative opposition to any expanded role for government is a mistake.
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Today, even small entities that trade complex instruments or are granted sufficient leverage can threaten the global financial system.
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It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans.
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The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion.
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Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system.
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Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting.
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The starting point of my career in money management in 1973-74 was the time of the only true bear market any living non-Japanese investor has seen in major markets. Equities, real estate, you name it, everyone got run over.
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You have got to welcome and embrace complexity.
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I know people who are always freeriders and will never get into a fight.
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There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
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