Some Blame Must Follow the Financial Collapse (By William Pfaff in Truthdig)

Rigid market ideology is a professional deformation of American bankers and flows through the veins of business itself (hence the furious debate over whether General Motors deserves government rescue from its own managerial incompetence). It also has influenced foreign bankers and business executives who learned their economics according to the doctrines proclaimed by the University of Chicago and Harvard Business School. They went home to attack such heresies as social capitalism and state supervision of finance, so that even Germany today finds some of its banks drowned in the tide of junk financial instruments from America…

As this crisis works its course of devastation through what bankers once described with disdain as “the real economy,” it is unthinkable that in America and abroad there will not be demands for a legislative or blue-ribbon panel investigation of these practices, and of the business executives who invented or condoned these practices, followed by civil or criminal prosecutions. Not that this will help the people in the streets—either demonstrating or taking up abode there, for lack of any other.

Some Blame Must Follow the Financial Collapse (By William Pfaff in Truthdig)

Opmerking Ook in Nederland moeten (parlementaire) onderzoeken worden gedaan naar de oorzaken van deze financieel-economische ellende.

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One thought on “Some Blame Must Follow the Financial Collapse (By William Pfaff in Truthdig)

  1. Het meest tragische aan de crisis vind ik het volgende:
    "The speculative bubble rested essentially on stealing from the poor by persuading them to buy mortgages they couldn’t afford…"
    Het droeve feit dat mensen die teveel hebben (niet alleen in materieel opzicht) hun teveel wilden vergroten door mensen die in feite te weinig hebben te verarmen mocht domweg niet onder ogen worden gezien.

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