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Politics : Ask Michael Burke

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To: Nadine Carroll who wrote (127118)	4/16/2011 7:39:12 PM
From: carranza2	1 Recommendation Read Replies (1) of 132070

Nadine, the Fed's easy money policies played an enormous part, too. It was a perfect storm of greed and stupidity, one in which the following factors all played a part: The Fed's easy money policies; Wall St.'s increasingly complex instruments; repeal of Glass-Steagall; the incredibly naive notion that the greediest and least principled people on the planet would properly regulate themselves; the failure of regulatory agencies; the Commodity Futures Modernization Act; the rating agencies failure to apply their own standards; the capture of academic economists by Wall St.; the consumer who knew he could not pay on the kinds of mortgages which were shoved down his throat; the capture of Congress by Wall St.; the silly notion that we can fight hugely expensive wars while incurring bail-out debt, etc. The bailouts of course did not help. Certainly not the way they were administered with recipients such as the Real Wives of Wall St. being handed literally hundreds of millions in non-recourse loans. Many of these conditions still persist. The leadership's failures during the meltdown may well have put us over the abyss.

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