One Year after Lehman: American Economy Held Hostage, Bank Lobbyists on Rampage, Voltaire…….
"It is difficult to free fools from the chains they revere." Voltaire
“America Held Hostage: Day 365………” MSNBC“Obama heads to Wall Street to urge reform, Wall Street goes to Washington to fight it……..”
“President Obama will head to Wall Street on Monday to try to breathe new life into efforts to overhaul the financial regulatory system, an undertaking he has said is essential to halting the abuses and failures that led to the current crisis. While the health-care debate has raged nationwide throughout the summer, financial reform virtually vanished from the public radar, even as an army of lobbyists worked on Capitol Hill to reshape the president's agenda…..”
“Sept. 13 (Bloomberg) -- Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc. ……. “We aren’t doing anything significant so far, and the banks are pushing back,” he said. “The leaders of the G-20 will make some small steps forward, given the power of the banks” and “any step forward is a move in the right direction. “It’s an outrage,” especially “in the U.S. where we poured so much money into the banks,” Stiglitz said. “The administration seems very reluctant to do what is necessary. Yes they’ll do something, the question is: Will they do as much as required?” “In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”
Cheers and Ramadan Kareem
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