New
Matt Taibbi piece at
Rolling Stone just up, and in a tweet he promises more background materials to come. It's basically on how the bailout produced a permanent "Ponzi" culture.
It was all a lie – one of the biggest and most elaborate falsehoods ever
sold to the American people. We were told that the taxpayer was
stepping in – only temporarily, mind you – to prop up the economy and
save the world from financial catastrophe. What we actually ended up
doing was the exact opposite: committing American taxpayers to
permanent, blind support of an ungovernable, unregulatable,
hyperconcentrated new financial system that exacerbates the greed and
inequality that caused the crash, and forces Wall Street banks like
Goldman Sachs and Citigroup to increase risk rather than reduce it.
The
result is one of those deals where one wrong decision early on blossoms
into a lush nightmare of unintended consequences. We thought we were
just letting a friend crash at the house for a few days; we ended up
with a family of hillbillies who moved in forever, sleeping nine to a
bed and building a meth lab on the front lawn.
1 comment:
once again am mystified why it's been left to Rolling Stone to report this stuff. Where's the rest of the financial press?
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