The Entitlement Society, Reprise 0
Paul Myners in the Guardian:
The risk is now that their confidence has not been sufficiently dented; that they have not truly learned their lesson. And the danger with this moral hazard is that they could put us all at risk again.
This is why a central part of restoring true market discipline to the world financial system must be major reform globally to the way banks and financial firms are governed and regulated.
Meanwhile . . .
The “financial industry” has demonstrated that it is incapable of learning from experience and that, in a conflict between greed and responsibility, greed wins.
Check the history of the US in the 1800s. There was a recession depression panic almost exactly every 20 years.
The only period in US history without regular recessions depressions panics was the period during which Glass-Steagel was in effect. Sure there were ups and downs, but those were hills and dales, not mountains and canyons.
Banksters gotta be watched. Carefully. Even in their little bankster hideouts.
