Romer Thinks "Consumers" Should Take Share Of Responsibility For Lehman Collapse
Hey kids, in case you haven't figured it out, yesterday was the anniversary of Lehman Brothers' epic collapse, touching off Wall Street's brilliant swan dive into a dung heap of its own making.
And so the White House is Making The Speeches, and having Teachable Moments, Never Forgetting, and Putting Things Into Larger Historical Context. And somewhere your Wall Street Titans are absorbing this rhetoric and searching their souls, wondering: "Hey! Could we take this outpouring of sentiment, chop it up into a tranche with toxic mortgages, and sell it as derivatives?"
Yesterday, Christina Romer went on MSNBC to talk to Andrea Mitchell about all the great lessons that this moment has to teach.
ROMER: We absolutely feel that we have to get regulatory reform moving! That's part of what the president was talking about today! Using this anniversary to remind people! Just how bad things were a year ago! And how we do not want to be there again!
You should watch the video, because without it, it's so hard to convey Romer's VAPID! ENTHUSIASM! FOR EVERYTHING! That makes it hard to determine what aspect of the president's remarks are most important to her. Luckily, she tells us:
ROMER: I thought the other part that I liked so much in the president's speech is to say, it's not just about putting in new rules, it's about a new sense of responsibility! Among government, business, and even consumers. That we all need to do our part to rebuild trust and make the system work again! And I thought that was a terrific message!
Yes! That is a "terrific message!" I hope that millions of American consumers spent some time yesterday reflecting on how their lack of responsibility caused the demise of Lehman Brothers. Let's all meet back here tomorrow to reflect on the anniversary of that time we all caused the AIG liquidity crisis!