Unions vs. Banks: Reader Question Regarding Greek Privatization

Reader Jeddy spots what he thinks is a conflict in my typical "privatization" message and inquires

Hello Mish

I'm confused about your stance in Portuguese 10-Year Government Bond Yield Soars to 13.05%; Italy, Portugal, Ireland, all Fresh New Highs; Focus On the "Unsaved"

Usually you think privatization is the answer to everything. Why have you changed your mind?

Please elaborate on the idea of self-rule, and how that interacts with the concept of rule by an elite group of rich people inside your country (internal looting of public sector assets and 'jobs') as opposed to outside your country (imposed privatization).

Jeddy

Hello Jeddy, thanks for asking.

There is no conflict. I am indeed in favor of privatizing government services. I am not in favor of doing so under duress for the explicit purpose of raping taxpayers for the benefit of banks.

I have many times been accused of being a shill for banks. The idea is preposterous. No one has railed against bank bailouts more than I have.

Rolling List of High Profile Fraud Targets

This list is incomplete. I have stopped updating it, it got so long.

• October 10, 2010: FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats


• April 29, 2010: Barofsky Threatens Criminal Charges in AIG Coverup, Goldman Sachs Abacus Deal, TARP Insider Trading; New York Fed Implicated


• April 16, 2010: Rant of the Day: No Ethics, No Fiduciary Responsibility, No Separation of Duty; Complete Ethics Overhaul Needed


• March 2, 2010: Geithner's Illegal Money-Laundering Scheme Exposed; Harry Markopolos Says �Don�t Trust Your Government�


• January 31, 2010: 77 Fraud, Money Laundering, Insider Trading, and Tax Evasion Investigations Underway Regarding TARP


• January 28, 2010: Secret Deals Involving No One; AIG Coverup Conspiracy Unravels


• January 26, 2010: Questions Geithner Cannot Escape


• January 07, 2010: Time To Indict Geithner For Securities Fraud


• October 20, 2009: Bernanke Guilty of Coercion and Market Manipulation


• July 17, 2009: Paulson Admits Coercion; Where are the Indictments?


• June 26, 2009: Bernanke Suffers From Selective Memory Loss; Paulson Calls Bank of America "Turd in the Punchbowl"


• April 24, 2009: Let the Criminal Indictments Begin: Paulson, Bernanke, Lewis

I am not in favor of bailouts. Nor I am in favor of privatizing government services under duress for the explicit purpose of raping taxpayers to benefit of banks.

Greece desperately needs reform. Its pension structure and union protectionism must change. The same is true in the United States. Unions attack me for that position.

However, I am not willing to rape Greek citizens for the benefit of French banks to achieve that end. Sadly, that is exactly what is happening.

Unions should take a hit and so should banks. Anyone taking that stance is attacked from both sides, and I have a ton of emails to prove it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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