RBM
04-08-2009, 07:53 PM
The "Disaster Stage" of U.S. Financialization (To view links or images in this forum your post count must be 2 or greater. You currently have 0 posts.)
He names 5 or 6 books that one suspects chronicles many of his points here, in what one blogger calls, a jeremiad.
His closing:
This is a much grander-scale disaster than anything that happened in 1929-33. Worse, it dwarfs the abuses of debt, finance and financialization that brought down previous leading world economic powers like Britain and Holland (back when New York was New Amsterdam). I will return to these little-mentioned precedents in another post this week.
But for the moment, let me underscore: the average American knows little of the dimensions of the financial sector aggrandizement and misbehavior involved. Until this is remedied, there probably will not be enough informed, focused indignation to achieve far-reaching reform in the teeth of financial sector money and influence. Equivocation will triumph. This will not displease politicians and regulators leery of offending their contributors and backers.
Sounds like history is being made. I wonder if the winners will write the history books as in the past, or not.
He names 5 or 6 books that one suspects chronicles many of his points here, in what one blogger calls, a jeremiad.
His closing:
This is a much grander-scale disaster than anything that happened in 1929-33. Worse, it dwarfs the abuses of debt, finance and financialization that brought down previous leading world economic powers like Britain and Holland (back when New York was New Amsterdam). I will return to these little-mentioned precedents in another post this week.
But for the moment, let me underscore: the average American knows little of the dimensions of the financial sector aggrandizement and misbehavior involved. Until this is remedied, there probably will not be enough informed, focused indignation to achieve far-reaching reform in the teeth of financial sector money and influence. Equivocation will triumph. This will not displease politicians and regulators leery of offending their contributors and backers.
Sounds like history is being made. I wonder if the winners will write the history books as in the past, or not.