The massive trading and swapping of Collateralized Debt Obligations (CDOs) and other abstractions cooked up by the fertile minds of sociopathic Wall Street “traders” not only did nothing to lubricate the real economy through financial intermediation, but they helped bring down the entire system and cost taxpayers hundreds of billions of dollars. The role...
Financial Reform: “Too Small to Succeed”
The financial reform legislation currently winding its way through the Congress is a step in the right direction but it retains too much of the status quo that brought down the economy in the first place. The key problem, as many economists have been telling us, is that the top financial institutions remain “too...
Read more »