Wednesday, May 26, 2010

and you thought you were depressed

See what Simon Johnson wrote today (one of the authors of 13 Bankers). Run for the hills????

The Last Hold Out: Senator Blanche Lincoln Against 13 Bankers « The Baseline Scenario

6 comments:

  1. Wow, that was depressing. I guess the worst part is, I agree with him and I'm not surprised at all.

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  2. I agree with Tommy - not surprising. I am hoping he is wrong, but still not optimistic.

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  3. I really do hope that we do not forget really fast what got us into this mess like we have done in the past. Hopefully we will get some kind of reform put in place that will help to curb risk taking amongst the banks. It no reform gets passed, at least people's eyes have been opened to what occurred and maybe that will want them to become more educated before they invest.

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  4. "“Business as usual” is the abiding legacy of the Obama administration with regard to the systemic risks posed by this financial system."

    Business as usual has not worked for hundreds of years, as This Time is Different told us. The biggest financial problem since the Great Depression deserves some attention. There will not be another World War to bail us out again.

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  5. This was definitely depressing. What bothers me the most about his statement was the quote, "it is very hard to find anyone well-informed about the financial system who thinks that anything substantial has changed". People in our society are uninformed about the extent of political/ economic corruption and there is a general ignorance about anything related to our financial system. This needs to change if we want lasting policy change for Wall Street.

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  6. This is a pretty depressing and scary, the financial sector needs changes for a healthy future, I hope that business is not as usual and that we will not ignore the damage that this financial crisis caused.

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