“In the end, what left so many lawmakers and economists frustrated was the sense that no one had a better idea. So they waited for Mr. Paulson and Mr. Bernanke to give them more details about what they wanted to do.”
From A Professor and a Banker Bury Old Dogma on Markets
By PETER BAKER
Published: September 20, 2008
The New York Times
Check out this NYTimes article from January 2007. The article basically demonstrates how financial con artists were celebrated as experts in setting US deregulation policy–a beautiful portrait in miniature of US elites’ intellectual bankruptcy and leadership black hole. The mantra-like repetition of “innovative” as a synonym for “crappy” is hilarious. It sort of reminds me of another doublespeak term, “maverick”.
Just today half of those “innovative” British banks had to be nationalized to save them from collapse. Why do we let these idiots run everything? Really, direct democracy of all idiots could not possibly be worse than letting a special coterie of idiots run us into the ground while they make off with bailouts, bonuses and golden parachutes.