Questionable behavior became commonplace in innumerable corners of the financial industry over the past 20 years. And at key moments, it was an outsider like Elizabeth Warren who had the common-sense perspective to cry foul.
During his tenure as Obama's top economic adviser, Summers has continued the Bush policy of throwing money at Wall Street without getting anything in return by way of a moratorium on mortgage foreclosures.
Given Obama's hemming and hawing about appointing Warren, it's not far-fetched to think that history could repeat itself. Another woman trying to break the old guard's economic chokehold could be shown the door.
Peter Orszag's maiden voyage as a New York Times columnist resonates with twenty years of failed economic policy. It's a grab bag of Robert Rubin's Greatest Hits, remixed by a younger DJ for new audiences.
On Sunday, Robert Rubin, appearing on CNN, said any further effort to stimulate the economy would be "counter productive," and that policy makers instead should craft a deficit-reduction plan. Greenspan is only partly wrong. Rubin is entirely wrong.
An anonymous email's been making the rounds on Wall Street from some loser who thinks he's a shark. Let's get this out of the way first: The only thing worse than a spoiled, self-satisfied brat is a whiny, spoiled, self-satisfied brat.
The ideology that served Wall Street special interests for the last 40 years has broken down, and there is nothing to replace it. You can't argue for free markets and still fight for giant companies. The American dream can't survive without regulation.