What We Read Today 29 September 2014: Special Edition

Econintersect: Today is a special edition of WWRT (What We Read Today). This is a view of the complete page seen by subscribers ‘behind the wall’. All content in today’s special edition is new material.

This is the third of three special days run this weekend showing the entire WWRT file to the general public in order to acquaint non-subscribers with the type of content they are missing every day. The two preceding days can be viewed for 28 September and 27 September

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Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.

The content today is all new material. Normally there would be a public section available to all readers and a premium content page which displays both the public section and the ‘behind the wall’ section on a single page.

Section 1: Public

Why the Fed Will Always Wimp Out on Goldman (William D. Cohen, Politico) Poor Carmen Segarra. She thought she was dropping the goods on Wall Street, but no one cares. Read the details about secret tapes about the New York Fed manipulations to protect the illicit behavior of Goldman Sachs at GEI News.

Sorry, folks, but this is simply the way the New York Fed was designed to behave. The system of 12 Federal Reserve banks, established about 100 years ago by an act of Congress following secret meetings presided over by J.P. Morgan himself at an island off the coast of Georgia, has always existed for the benefit of the commercial and investment banks that created the system, that own the banks and that control their boards of directors. To think that these banks exist for any other reason than to serve their Wall Street masters is complete folly. It has never been so and it will never be so – as long as the current system remains intact – despite what Segarra captured her bosses talking about on tape, without their knowledge.

This Is What Eric Holder’s Legacy Will Be (Mollie Reilly, Ryan J. Reilly and Shadee Ashtari, Huffington Post) This article specifies 11 legacies. Econintersect suggests that one is a real accomplishment (first-ever cabinet member held in contempt of Congress) but only the last legacy mentioned in the HuffPo article will have a lasting dominant affect on the country: “He failed to hold Wall Street accountable for the financial crisis.” This singular failure will be the predominant legacy of the president he served under as well.

Has Capitalism Reached A Turning Point? (Steve Denning, Forbes) Hat tip to Marvin Clark, GEI Discussion Group, LinkedIn. This is a well referenced summary of current discussion about reformation of capitalism. The author compares the issues to those of the Protestant Reformation and suggests that some of the counter currents from that earlier time may have parallels today.