That is what we are doing with this financial crisis. The Obama Administration, Fed and Congress are just fighting to get back to status quo. The same securitization model that got us into this mess is still there but with huge government subsidies. It looks like the financial oligarchy won.
“The system will look more like what preceded the current environment than many people seem to believe,” Cohen said yesterday at a panel discussion on the future of Wall Street sponsored by Bloomberg News in New York. “I am far from convinced there was something inherently wrong with the system.”
The financial oligarchy doesn't see anything wrong with the system. Wow, talk about putting your head in the sand but consider who said the above quote: attorney for the oligarchy. Not just any attorney. But an attorney that withdrew his name for Deputy Treasury Secretary in March. This guy needs to crawl back under the rock. Trillions of dollars of people's retirement savings are gone but there is nothing wrong with the system.
Nothing is changing. Bank regulators may be negotiating the stress test with the zombie banks. What is the point of negotiating the stress tests? To dress up a very bad situation.
What is the point of continuing this post - we lost this battle?
Of course there is nothing wrong Rebel
It is their economic model and it has worked fine for them in good and bad times. The attorney is only speaking for his clients ... not Main Street.
It has always been about class warfare.
You are right - it is their model. What is interesting
and provides another perspective on Geithner's views is that the person who said the above quote was someone that Geithner picked to be his Deputy Treasurer Secretary.
RebelCapitalist.com - Financial Information for the Rest of Us.
Is this the "change" we were suppose to believe in?
It has always been about class warfare.
No, it is not but
real transformational change doesn't start and end with one person. If we want change bad enough we will do what it takes to achieve that. Most of us are not ready for the real change that we that we heard from candidate Barack Obama.
Money talks in this country and until we are willing to counteract that with actions we will continue to have both political parties feeding from the trough of corporate lobbyists.
RebelCapitalist.com - Financial Information for the Rest of Us.
We can't go back
What preceded this crisis was unsustainable and can't be duplicated. To get back to that point would require the American consumer to get healthy again. That won't happen without good paying jobs (and those are going away), or another huge asset bubble (and that is increasingly unlikely).
What this article proves is that our political system is hopelessly broken and hasn't realized that the paradigm has shifted. I think this is true over most of the world.
That means two things: a) that we are going to waste precious resources trying to get back to a place that is gone forever, thus making this downturn much worse than it needs to be, and b) there are huge opportunities for those that recognize these facts and can find a way to take advantage of them.