Tuesday, Sep 08, 2009
"When people realise that this stimulus money’s going to run out, that the US doesn’t have unlimited
Businessspectator: Abhorrent behaviour on Wall St, is that still going on?
Absolutely. Yeah. That’s the saddest thing about this whole episode. It took a major financial crisis that almost bankrupted the global financial system to make people realise that we had a very serious problem occurring in our financial system and what did we do? We raced around like Humpty Dumpty soldiers and horses trying to put the old system back together again and we put together these banks that were too big to fail. We put back together the credit default swap market and the derivatives market which is so interconnected you can’t allow anybody to claim bankruptcy. We tried to put back together the securitisation market which allowed banks to completely flush assets with no risk to their balance sheets and to throw all the risk onto other parties and so, you know,
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