July 15, 2009
The irrepressible and irreplaceable John Talbott, author of The 86 Biggest Lies on Wall Street and Obamanomics, was interviewed in the Brisbane Times in support of the book’s Australian publication by Scribe.
From the interview:
A Democrat, Talbott objects to the Reagan-era philosophy of deregulation which he says led to this avoidable crisis. The book includes many suggestions for an overhaul, not just of market regulation, of the ratings agencies, but also of the relationship between Wall Street and Capitol Hill.
“What’s so upsetting to me is that it’s so avoidable, and that this is now going to cause real, real pain to families,” he told the Herald. He predicts real unemployment—those not working, not just those seeking work—will reach Depression levels of 25 percent. “The prime cause was not just deregulation, but the fact that the people who should have been regulated went to Congress and got what they wanted written into the laws.”