Skip to main content

View Diary: Ok, The Suckers Ate My Cake, Why'd They Steal My Twinkies Too? (16 comments)

Comment Preferences

  •  And Rubin will help us out of this mess? (1+ / 0-)
    Recommended by:
    utopia

    thanks for the link and great articel

    January 31 2008, Robert Rubin: What meltdown?

    In a talk on Wednesday, the Citigroup director said the current financial upheaval is just cyclical. And none of the blame that there was to assign went to Wall Street. -- A lending catastrophe has consumed homeowners, mortgage companies, and the financial system, but Robert Rubin, Citigroup's director and executive committee chair, doesn't seem particularly alarmed.
    He told a small crowd at Manhattan's Cooper Union for the Advancement of Science and Art Wednesday that the problems now roiling the markets and forcing the Federal Reserve into a defensive posture are "all part of a cycle of periodic excess leading to periodic disruption," and that we are not in fact on the verge of a financial meltdown.

    And the economic problems that he did acknowledge were blamed on just about everyone but the major U.S. financial players.

    Rubin said part of the problem is that we need a "more educated electorate" to hold politicians accountable. Without that, the U.S. won't be able to overcome long-term economic challenges, like the troubles surrounding social security and budget deficits, or the new problems created by globalization.

    'It's going to be much worse' Rubin's remarks seemed glib given that the financial world looks very much ready to melt down.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site