We may no longer be able to trust the banks with the economy, but the good news is they’re still working hard at what they’ve always done best: influencing the government. The New York Times reports that “The nine biggest participants in the derivatives market—including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America—created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money.” Now Washington and Wall Street are suiting up for battle over the regulation of the derivatives market, in a reprisal of the fight that Wall Street won ten years ago. Paul Krugman, meanwhile, returns to the financial crisis in the Times and goes for the Republican jugular: “the more one looks into the origins of the current disaster, the clearer it becomes that the key wrong turn — the turn that made crisis inevitable — took place in the early 1980s, during the Reagan years.”
[6/01/2009 06:38:00 AM
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