Friday, January 06, 2012

"'re cold? Maybe you should take a nap in the snow."

... "If ever a financial order deserved a 30s-style repudiation, this one did. Its gods were false. Its taste was bad. Its heroes were oafs and brutes and thieves and bullies. And all of them failed, even on their own stunted terms."

But when they failed, and wiped around $16tn dollars off American household wealth,when they rubbed the taxpayers' noses in the dirt by appropriating their money to refresh their bonuses, the last thing ordinary Americans did was imitate their ancestors from the 30s. Afghan and Iraq war veterans did not march on Washington DC. Farmers did not block highways. The majority of the electorate did not demand that their politicians bring the arrogant boss class to heel. Contrary to the expectations of respected Washington commentators, the most potent force in the land became a radical movement for business deregulation.

With as much patience as he can muster, Frank writes: "Before this recession, people who had been cheated by bankers almost never took that occasion to demand that bankers be freed from 'red tape' and the scrutiny of the law. Before 2009, the man in the bread line did not ordinarily weep for the man lounging in his yacht."

from here

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