Andrew Ross tells us what the big boys were doing during the crisis. Neil Barofsky says that the government was playing a confidence game.
The fact that there is some populist anger in the country these days is not a shock. The surprising thing is that there is not a lot more of it.
Oct 5 2009
I say Plenty, and long before most people had heard of CDS, CDO, or SIV. a review of the history of the past few decades shows that regulators were aware of these innovations. They approved of these innovations. They collaborated with banks in constructing these innovations. And they applied pressure and provided ince...
Oct 5 2009
He argues that the Recalculation story falls apart when you ask why, say, a housing boom -- which requires shifting resources into housing -- doesn't produce the same kind of unemployment as a housing bust that shifts resources out of housing. This is a good question. I would say that answer may be that the dynamics...
Oct 5 2009
Andrew Ross tells us what the big boys were doing during the crisis. Neil Barofsky says that the government was playing a confidence game. The fact that there is some populist anger in the country these days is not a shock. The surprising thing is that there is not a lot more of it.
READER COMMENTS
Joey Donuts
Oct 5 2009 at 4:48pm
When water boils, you only see bubbles at the top. Believe me, the water is hot through and through. I make it a point to talk to people of all stripes and occupations when I get the chance. I haven’t encountered a single person yet that doesn’t have some “populist” anger.
Joe
Oct 6 2009 at 7:39am
With the current shape of things in both the economy and the “natural order” of things, it would be nearly impossible not to invoke some kind of “populist” anger. As for the idea behind the “confidence” game, I do believe that the government thrives off of such systems. Money these days is only what we make of it, we believe that every dollar shows us how much the government owes us. This in turn puts the government in a favorable position for they are the one’s ultimately telling us how much they have to give in return. Isn’t every decent economic concept based on some kind of confidence? Hell, even our stock market is based on consumer confidence.
R. Richard Schweitzer
Oct 6 2009 at 11:09am
Why do you use the term “populist” in view of its commonally accepted connotation?
Comments are closed.