The Fourteenth Banker Blog

April 23, 2010

The Promise; The Con

Filed under: Running Commentary — thefourteenthbanker @ 12:35 AM

The President seemed was playing the Statesman today in his speech.  He appeared to create space for compromise, inviting the Republicans in by not being soft on Wall Street.  He highlighted the failure as a collective failure, which it is, but that is not the point.  The crisis could have been prevented by the exercise of:

1)  Effective Regulation

2)  Restraint

3)  Morality/Ethics

The topic of the speech was Financial Regulation.  It would have been fitting to clarify exactly why the behavior of financial institutions needs to be regulated.  It was not a time for pulling punches.  More graphic description of the failures of restraint and ethics, might have made a stronger case for regulation.

So what is the title of this Post about?   There seems to be a dynamic where a “Promise” is being made.  The Promise is that the bill will do what it is reputed to do.  It will prevent systemic meltdown and/or cost to taxpayers of future bailouts.  A word of warning.  A promise is often used to get people to not focus on the current reality, to deny the truth of their actual experience and their present intuition in order to hope a promise plays out.  The President downplayed the present experience and the intuition of the American people in an effort to get legislation to pass on the basis of a promise.

The “Promise” is closely related to the “Con”.  The Confidence Game involves a “Con Man”, sometimes a “Shill”, and the “Mark”.  The “Mark” is the one who believes the Promise and gets taken.  I don’t mean to be too negative on the President.     I believe he is well intentioned.  But unknowingly, he is playing the roll of the “Shill” to Wall Street’s “Con Artist”.   You are the “Mark”

The instruction for America?  “Don’t rock the boat.  We’ve got this.”  Do you believe it?  $50 Billion in resolution authority funds is nothing if risk is not reined in.

From Wikipedia:   A confidence trick or confidence game (also known as a bunkoconflim flamgafflegrifthustlescamschemeswindle or bamboozle) is an attempt to defraud a person or group by gaining their confidence. The victim is known as the mark, the trickster is called a confidence mancon manconfidence trickster, or con artist, and any accomplices are known as shills.

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5 Comments »

  1. Obama knows. He’s too smart not know to know.

    BTW, for some reasons your posts are showing up with too many spaces after the periods at the end of sentences.

    Comment by The Raven — April 23, 2010 @ 1:09 AM | Reply

  2. Yes. I need an editor. It is a visual thing. In this program it does not look right so I stuff extra spaces in unconsciously. Thanks for pointing it out.

    Comment by thefourteenthbanker — April 23, 2010 @ 1:30 AM | Reply

  3. thanks for your insider’s perspective!

    i don’t currently nor have i ever worked in the banking industry. yet, it is so obvious that we the american people were robbed by bush, paulson and company and that obama is not going to fix the problem. i believe that powers that be are simply beyond obama’s power, much as the perpetrators of obvious war crimes will not be charged.

    i am sick of hearing politicians, obama included, trying to “convince” america that they are fighting tooth and nail for our interests, against the lobbyists…this is illogical. won’t someone address the elephant in the room and ask these politicians why are they fighting at all rather than simply doing what needs to be done? why so many machinations and pretense?

    i used to blog and tweet at length about these crooks but i simply came to feel helpless regarding the whole issue. here is one at-length rant that i wrote almost two years ago: http://victoriasview365.com/republicans-think-that-you-are-dumb-and-count-on-hardworking-americans-to-stay-stuck-on-stupid-republicans-wrecked-our-country/

    here are a few more posts made when my blood was boiling: http://victoriasview365.com/category/a-band-of-thieves-bush/

    Comment by Victoria — April 23, 2010 @ 1:51 AM | Reply

  4. Gathering links toward crafting a media analysis toolkit. This is the first I’m including under ‘rhetoric’. Yup.

    Thanks!

    Comment by Jan McLaughlin / The Faux Press — April 23, 2010 @ 2:47 AM | Reply

  5. You sound so much like I sounded during the health care reform debate. I donated, wrote, phone-banked, contacted my various representatives, and yet still voted for the eventually-losing candidate in the MA special Senate election. I was one of the “angry progressive base”.

    I’ve learned a few things since then. The Senate is the least willing to progress on any reform issue, and Obama seemingly accepts this.

    Until the Senate reforms its unique rules (the Byrd Rule on filibusters), then it will be the easiest (and cheapest) target for any lobbying group, and so the greatest drag on any reform. The Obama administration hsa seemed to accept this situation, though there are signs that that they are more willing to fight back than they were on HCR.

    * * *

    It also seems we’re going to forget the lesson from the Great Depression about just how much pain we’ll all have to experience before things like TBTF are fixed. Pecora’s commission was, if IIRC, the third commission on the economic troubles of the 30’s.

    I may have learned that here.

    Comment by papicek — April 23, 2010 @ 8:56 AM | Reply


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