Saturday, December 10, 2011
Wall Street Ignores Public Disdain At Their Own Peril
This article describes the actions taken by Wall Street to resist government regulations that would limit its risk taking and profits. It argues that it will lead to two bad results. The public watches what is going on and it loses faith in our system. Laws become something that everyone views as impediments to individual gain. They assume that the system is rigged and they join the game. The other problem is that the public will not support a government bailout of the banks when their next crisis occurs. They are too big to fail but too detested to save. They will have to learn this the hard way.