Lehman Three Years Later

[Donnachaidh]

http://www.counterpunch.org/2011/09/13/lehman-three-years-later/

As we prepare to celebrate the third anniversary of the Lehman bankruptcy and the ensuing financial crisis, it’s a good time to assess the situation and ask what has changed. The answer is not encouraging.

Very little has changed about either the realities on the ground or the intellectual debate on economic issues in the last three years. The too-big-to-fail banks are bigger than ever as a result of crisis-induced mergers. Financial industry profits now exceed their pre-crisis share of corporate profits, and executive pay and bonuses are again at their bubble peaks.

None of the executives who pushed and packaged fraudulent mortgages have gone to jail. Even those who have faced civil actions, like Countrywide’s Angelo Mozilo, have almost certainly still come ahead after making large payments to settle suits.

And all the top policy people who guided us to this economic disaster are still doing just fine. When Alan Greenspan isn’t collecting his seven-figure salary from PIMCO, the country’s largest bond fund, he is sharing his wisdom with the world on the Sunday morning talk shows.

More at the link --

[Safetykitten]

1. Well, our leaders know best. It's not in good taste to question our leaders.

[Bozita]

2. Recommended bigtime!