Reports
are that the last two major Wall Street investment banks
Goldman Sachs and Morgan Stanley have become retail banks
and can now accept deposits from the public...
This
move undoes regulation put in place after the Great Depression
which said that retail banks had to be split from investment
banks because, last time, the investment banks blew all
the retail money making stupid investments...
Hilariously
stupid George Bush swansong, or a sensible pragmatic decision
in a crisis? Our experts give us their views:
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Harry
Meedsden, Circus Artist
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"There
isn't a problem with investment banks accepting
retail deposits as long as they are regulated properly.
And by regulation I mean at least a good lunch without
wine twice a year with the regulators."
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Jerry
Sprinkler, Radio Talk Show Host
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"Sound
bites fail me as to the crass stupidity and short
term expedience of making two highly toxic investment
banks into retail banks... Uhm... They're offering
15% guaranteed tax free on deposits? Sweet. Where
do I sign up?"
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Hug
Tharsden, Bodybuilder
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"I
wanted excitement when I voted George Bush in to
office. The guy hasn't disappointed me one little
bit. It's such a shame that he will be out of office
in January 2009, then it's back to boring old bungee
jumping again..."
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Gramps
Rusky, Organic Farmer
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"Great!
A retail deposit account with a currency swap derivative
option. Sign me up for thirty five times my annual
salary which I have just made up on the application
form. Hurrah!"
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Harry
Baldicoot, Retired retirement consultant
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"I
don't believe in money. I only ever barter. "
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Give
us your views: editor@thevoiceofreason.com
