The honeypot of Dallas (Preston Hollow) make their fortunes off of public-private projects in Dallas and drumroll...fractional reserve banking. They always get one of their own on City Council who knows everyone...all the way up the Texas chain and in the media (basically Dallas Morning News)...and most of them either own banks or are married to someone who owns banks.
Their neighborhood claims to be "fiscal watchdogs" but they aren't--they are the first ones grabbing for the stimulus dollars to sit on or pad their pet projects---alternatively, investing $20mill as an "incentive" for a company to move to Dallas.
I don't know if they're dumb or in denial, but you'd think bank owners would understand the mathematical inevitability of the bust cycle...
"Entities other than commercial banks have inappropriately benefited from an implicit safety net. Our proposal promotes competition in light of market and regulatory discipline, replacing the status quo of subsidized and perverse incentives to take excessive risk."
Yep, and those inappropriate entities are still making them a whole lotta money.
I think Fisher works at SMU or has some connection because my husband used to talk about him a lot. I think he taught the alternative investments class...correct me if I'm wrong. :)