Friday, March 27, 2009

The Market Wizards Were Exposed as Frauds -- Too Bad Obama's Team Still Believes in Their Magic

The market mystique didn’t always rule financial policy. America emerged from the Great Depression with a tightly regulated banking system, which made finance a staid, even boring business. Banks attracted depositors by providing convenient branch locations and maybe a free toaster or two; they used the money thus attracted to make loans, and that was that.

Evidently it PAYS and PAYS REALLY WELL to be an old pal of GEITHNER'S

Yesterday, on The Business Insider, we noted the appalling fact that the head of AIG's risk management team still has his job. Today, the WSJ follows up by noting that the WHOLE AIG RISK MANAGEMENT TEAM still has their jobs. The apparently incompetent overseer of Citigroup's risk-management group got an $8 million retention bonus last year. And so on.

Where's all this "accountability" you speak of Pres. Obama? FULL STORY

BY THE WAY...We know who is rich in America. Wonder who is getting rich in Afghanistan?

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As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.