There are massive amounts of money to be made by engaging in the shell game financial industry. Our country lionized those who did that, always hoping some of it would dribble down to us. If that industry had been regulated the economy would have grown at a sustainable rate, fortunes wouldn't have been made, lost, made again in a single day of trading, and our major loss would have been a big reduction in billionaires - don't we need an endless supply of those? We sure acted like we did.
Sunday, January 25, 2009
The Rich are Still Hurting
A commenter on a thread over at TPM Cafe pretty much sums up my own view of the big picture of the financial crisis: