Posts tagged “the 86 biggest lies on wall street”
“The people of this country are no longer making the rules by which they wish to live”: Talbott/Johnson, Part III
July 24, 2009From Part III of the Talbott/Johnston exchange at Salon.com on the following topic: The economic crisis: Who caused it? Was it preventable? Was criminal activity involved in bringing it about? And is it over? John Talbott: I don't think the current challenge is figuring out exactly what caused the crisis. Focusing on what caused this episode will lead to narrow regulatory reform that reminds me that we all now take off our shoes at airports because one crazy fellow had the idea of putting a bomb in his heel. So while reform is needed in subprime mortgages, securitization, derivatives, and even in the magnitude of our financial institutions, none of these get at the fundamental problem: The people of this country are no longer making the rules by which they wish to live.