Been reading Les Leopold’s recent book “The looting of America” in which the author beautifully lays out how a deregulated capitalist financial system inevitably leads to boom-and-bust cycles. The book provides great historical perspective and is recommended for everyone interested in the workings of financial markets.
In the same vein we have this column by Paul Krugman in the NYT, aptly titled “Disaster and Denial“. Well-written and worth the read.
Hilarious to see how President Obama was going to get tough with those “fat cat bankers” during a meeting at the White House yesterday…only problem is that more than half of the “fat cat bankers” did not show up and none of the participants are under any obligation to change the way the industry is behaving. Here’s the thing: Those bankers earn many times more than President Obama which in their universe makes them that much more powerful than this current White House occupant who depends on their donations to finance his next re-election campaign. Given this fact, how tough is Obama going to get with them?
