"Everybody understands," Geithner said on This Week, "that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse." The problem is, it already has.
I always thought that taxes were the way we paid our bills. In a democracy we have elected representatives who spend money on our behalf on things like defense, security, wars, bridges, and health care benefits.-
The fascinating thing about this Wall Street greed is that it is so deeply ingrained that neither the bankers themselves nor our economic leadership understands just how disgusting and dangerous it is.
A hot new trend among traders is betting on packages of energy and agricultural futures. Kind of like the bankers bet on subprime mortgages, traders recently invented Collateralized Commodity Obligations.
There has been talk about appointing a new "Systemic Risk Regulator." This "Super Czar" would oversee all of the financial services industry. We had a "Super Czar" last year. His name was Henry Paulson.