If Memory Swerves: The 1 Percent Laughs Last, as Wall Street Wins Again | Common Dreams
"It was the unavoidable explosion after decades of deregulation and willful blindness. A kind of waste product had been deliberately moved through the bowels of a hundred shady mortgage outfits. It was then gilded by delusional ratings agencies and sold to the world by the most respected names in finance. Bribery and deceit and crazy incentives had been the laxatives that pushed this product down the pipe; money and bonhomie and reassuring economic theory had been the sedatives that put the regulators to sleep.
The industry would supervise itself, we were told — and we believed it. Instead our economic order turned out to be wobbly, even rotten. The great banks looked insolvent. The great capitalists looked like criminals."
