On occasion, I listen to our reps in Congress grill a banker or businessman about their practices and I'm always struck by the bizarre line of questioning. Inevitably at some point in the testimony, our representative asks the businessman what he would do to change regulations so that they worked better. This assinine question was even asked to the representative of the Swiss bank that was being questioned yesterday. The bank representative, unable to play along in this strange American game (and perhaps thinking he had misunderstood the question), politely said that he didn't think about such things. Why would he? It's business's job to make money. It's Congress's job to regulate. Congress should be telling, not asking.
A similarly inane remark appeared in the Wall Stree Journal the other day. We were informed that Bernanke was "angry at AIG." What the hell are these people talking about? AIG is a corporation--it's a "fake person." People can be "angry at AIG" all they want. It isn't going to matter. If we were serious about change, we'd revoke the status of corporations and make all these fat-cats repay their bad loans the way the rest of us do. Of course, with the billions lost, this would involve their families working as indentured servants for the next thousand years, but this seems much fairer than screaming at this fake entity called "the corporation" and letting the fatcats run off with billions that will enriched their families for the next thousand years.