Morning Joe : How Wall Street Won
Posted by Larry Doyle on September 13, 2013 9:27 AM |
Lehman Brothers failed on September 15, 2008.
We are now two days away from the 5 year anniversary of that fateful day and the unfolding of a string of events that continue to ripple across our global economy and markets.
As with the anniversaries of most cataclysmic events, we can now expect an ongoing stream of dialogue as to what led to the crisis and how things have played out since then.
The folks at Morning Joe had a brief 7-minute discussion recently with Time magazine editor Radhika Jones on this topic and these questions. They definitely hit upon some of the key issues but they do not use the one key word to define what really happened both pre and post crisis. What is that word? Let’s take a listen first to what they have to say:
So what is the one word that in my opinion defines what transpired both pre and post crisis?
What some might gently like to define as a crony style of capitalism is really best defined by the single word: corruption.
Yes, both de facto corruption that has gone almost uniformly unpunished and other more subtle forms of payoffs and kickbacks that continue to lie largely untouched under the blanket that covers the bankers, the pols, and the regulators.
Is there really any doubt?
I thank the regular reader who brought this to my attention.
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view the video and and comment on this piece of ‘sense on cents’.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.