This most recent post is...?

Tuesday, May 6, 2014

Eric Holder, US Attorney General, on Too Big to Jail

Let's get a bit deep again and consider the future meaning of Holder's statement. In a recent video he stated that Too Big to Jail is a wrongheaded theory that banks and other financial firms that are highly interconnected will never be criminally prosecuted due to their size. 

Cynics might chuckle at Holder's view as either lie or doublespeak. Certainly the facts would seem to confirm their view since none have been charged with a crime. Also it is late in the game. Not only has the crime festered since 2007-8 but Holder is about ready to exit.

But what if the statement is genuine? How? Assume no difference between theory and practice, i.e. that it is always possible to read politics, speech or acts, as text. Then Holder's statement is the accusation and it has melded into the blogosphere and been disseminated to others listening (less cynical listeners) will assume the guilt of Wall Street. That is bound to constrain their future actions.

Why? The post-Mandeville days when commerce could be deemed good, clean, and virtuous become then more difficult to sustain. Slightly more anyway. 

No comments:

Post a Comment