Only in the warped, distorted, Alice-in-Wonderland world of Wall Street would one think "Washington went to war against big Wall Street banks" or that "Washington won [the war] in a blowout," as said today in a Politico article.
A plea to the banks: Do "give back" in philanthropy. But also, please: Give us back a financial system that we can trust. Less penance after the fact, more virtue before. It will make for better business and for honest philanthropy.
The major objection to bailouts is less that the firms affected don't deserve it but that public funds are used for the purpose. If we had a way to require SI firms as a group to pay the cost of bail-outs, the too-big-to-fail problem becomes manageable.
President Obama is clearly aware of the risk associated with Wall Street misbehavior, but he has failed to champion significant reforms. Here are several suggestions that the president should consider.
Our new economic era is characterized by the supremacy of financial capital which vacuums up the productive wealth of the nation, and then uses the nation's wealth as an insurance policy to pay for its inevitable losses.
I've been hard pressed to identify mainstream news outlets that qualify as bastions of true liberalism, actively devoted to advancing basic liberal principles such as racial and economic equality. I was reminded of this upon reading a recent column by Andrew Ross Sorkin.