Sell on News at Macrobusiness observes:
Columbia University economist Jeffrey Sachs recently commented that the financial system is plagued by large scale fraud. He blamed it on a docile president, a docile White House and docile regulators……..
Sachs is right in his observations, of course. But I am not sure he is right to imply that it is new. I think Greed and Wall Street have been bedfellows as long as Wall Street has existed.
Read more at The insufferable conceit | | MacroBusiness.
The words used by professors Sachs did not just say wall st was greedy, he said they were pathologically immoral. That means even the devil himself would be impressed. Much like the wild west movies where stage coaches were robbed, so is wall st, robbing society throughout the world along with the cooperation of sad little academics or politicians chosen because of their insatiable need for recognition – I’m talking of people like Ben Bernanke of course. You can take your pick of politicians.