this brown book box (#37158) has just a few fictions and children's books within.
while the brown varnish is fading at the edges. the white roof is still shining.
reads: "this crash of 2008 and what it means" (George Soros)
*George Soros was the most successful hedge fund owner amongst his peers, making billion$. he survived Nazi Germany by assuming a false identity. later going to London to study. he's a capitalist.
-Soros thought the bailout of the banks in the 2008 was a mistake. the lack of reform will eventually lead to a bigger financial meltdown.
he advocated the following:
-a fiscal stimulus package
-a thorough overhaul of the mortgage system
mortgage originators should only be allowed to pass on interest rate risk but not credit risk while selling loans.
-recapitalization of the banking system
separate bad debt from balance sheet, partially recapitalize banks. let private $ provide the rest. shareholders & bond holders will be liable up to their capitalization. FDIC is responsible afterwards. a better solution than the tax payers paying the whole bill.
-an innovative energy policy
imposing tax of carbon emissions, imposing tariff on oil imports to keep US oil prices at a minimum rate, developing alternative energy sources.
-reform of the international financial system.
the international financial system is rigged in the US's favor, often leading to bankruptices in developing countries. market regulations should be global, not region specific. read more