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View Diary: Graphing Rising Income Inequality, the Trademark of Neoliberalism (282 comments)

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  •  Great Diary (5+ / 0-)
    Recommended by:
    ybruti, tote, emal, The Lone Apple, divineorder

    this is KEY:

    "I Made a mistake in presuming that the self interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms" (Bloomberg).

    This gets to Greenspan's (and others) uttey naivety regarding human nature, i.e. greed.

    His feeble excuse above is IMHO a back door comment regarding the obvious folly of getting rid of Glass-Steagall which essentailly gave a license to the big banks to run amok with their risk taking and gross lack of liquidity to cover that risk.

    people way smarter than me saw the problem buidling/coming (Brooksley Born) and clearly raised a BIG red flag, well before the crash-- and she was promptly run out town on a rail by guys like Summers and Rubin.

    "I don't feel the change yet". Velma Hart

    by Superpole on Fri Aug 19, 2011 at 06:10:06 AM PDT

    [ Parent ]

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