We've had financial bubbles before. This one's got a twist though. It's fraught with complexity, scope, depth, widespread fraud and bad underwriting practices making coming out of it, all the more difficult.
It's been a while since we've heard that trumpet voluntary from the Treasury Department, signaling the sending of another press release celebrating the fact that "TARP worked!" But this week, the horns sounded.
I want to send Wall Street a wake-up call, as they don't seem to be getting it. The best way is with my dollars. My resources don't add up to what a chairman of a Wall Street bank gets in an annual bonus, but keeping those dollars away is a start.
"Financial reform" is a boon for people in the payday loan business. When people fall out of the world of traditional banking, they are still going to need bank-like services. Payday lenders will be in position to fill the gap.
To say that the year-old Dodd-Frank Wall Street Reform and Consumer Protection Act is under attack in Washington is like describing Little Big Horn as an engagement between the cavalry and the Indians.
Falsehood creates a convoluted mess, a sense of disorder. Hold that thought and think "cause and effect" -- the financial crisis largely created our fiscal crisis leading now to the US national debt ceiling problem.
The most striking lessons from the financial crisis and its aftermath already appear either to have been forgotten or to have never been learned. The American financial system can still be brought to its knees by the poor decisions of a small group of executives.
One of the more powerful quotes about the importance of taking nature seriously goes back to Oystein Dahle: "Socialism collapsed because it did not allow the market to tell the economic truth. Capitalism may collapse because it does not allow the market to tell the ecological truth."