What is a Visionist?

"A visionist is an artist, a creator or an individual that sees beyond what is visible to the eyes and brains of human beings. Visionists are thinkers, they are the recognisable brains in soociety, but most times they are seen as absurd, "nerds" and misfits – they just don't fit into the societies. They are people with great dreams and minds."

The English Wikipedia

Sunday, February 22, 2009

Bad Brilliance Goes to Wall Street

See the video of Bad Brilliance on Wall Street:


Bad Brilliance visited Wall Street last week to show his support for fixing the financial system through adopting some form of "Bad Bank." He also publicized The Visionist blogsite and its proposal that the "toxic assets" be put under trust or receivership for a period of time during which their true asset value can be determined. The financial package announced by Treasury Secretary Tim Geithner was poorly received due to a lack of details. That is clearly because nobody at this time knows really what to do, so he laid out only broad ideas. The stock market reacted badly.

Debate continues with the possibility of nationalizing some or all banks in the banking system. However, very few people in this country are comfortable with nationalizing any part of the US economy, and the administration has not encouraged this line of thinking. However, all other options involve trying to evaluate the bad assets and that means creating winners and losers. The ONLY solution I believe is neither nationalization NOR purchasing the assets. Instead, what should be done is for the bad assets to be held in receivership or trust by a government "Bad Bank" with massive low interest credit made available to the banks (only "stress tested" banks). In this way, nobody loses at this time and only in 5 or 10 years will the banks have to take whatever losses or accept whatever gains will result in a restored economy.

No comments:

Post a Comment