“ Let’s be clear: The Street today is up to the same tricks it was playing before its near-death experience. Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. … The only difference now is that the Street’s biggest banks know for sure they’ll be bailed out by the federal government if their bets turn sour — which means even bigger bets and bigger bucks. …The Street’s behavior since its bailout should be proof enough that halfway measures won’t do. The basic function of commercial banking in our economic system — linking savers to borrowers — should never have been confused with the casino-like function of investment banking. Securitization, whereby loans are turned into securities traded around the world, has made lenders unaccountable for the risks they take on.
No downturn for greed - Robert Reich writing for salon.com
The dog ate my homework
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What I was doing when I should have been doing something else.
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What I was doing when I should have been doing something else.
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