Burn Baby Burn

04Jan09

As 2009 begins, the  financial downturn is starting to affect us all. The New York Times has just published a persuasive meditation by Michael Lewis on what the meltdown and bailout hoax reveals about the American financial model. An excerpt: 

The Madoff scandal echoes a deeper absence inside our financial system, which has been undermined not merely by bad behavior but by the lack of checks and balances to discourage it. “Greed” doesn’t cut it as a satisfying explanation for the current financial crisis. Greed was necessary but insufficient; in any case, we are as likely to eliminate greed from our national character as we are lust and envy. The fixable problem isn’t the greed of the few but the misaligned interests of the many.

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