January 28, 2011
We Have Seen the Enemy, and He is Us

From this lengthy article in today’s New York Times we learn once more why we should always read stories to the very end. Because that’s where the bitter truth is so oft interred.

The beginning:

WASHINGTON — Behind closed doors, Ben S. Bernanke, the Federal Reserve chairman, called it “the worst financial crisis in global history, including the Great Depression…”

Mr. Bernanke’s remarks, from a November 2009 interview with government investigators, were among the fresh details in the blow-by-blow chronicle of regulatory negligence and Wall Street recklessness released Thursday by a federal commission…

And, 25 paragraphs further on, the end:

But little on Wall Street has changed. One commissioner, Byron S. Georgiou, a Nevada lawyer, said the financial system was “not really very different” today from before the crisis.

“In fact, the concentration of financial assets in the largest commercial and investment banks is really significantly higher today than it was in the run-up to the crisis, as a result of the evisceration of some of the institutions, and the consolidation and merger of others into larger institutions,” he said.



Posted by Jerome Doolittle at January 28, 2011 07:37 PM
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