David P. Goldman "The fact is that no-one likes a fast buck more than the American public. Wall Street was the enabler, but Main Street was the addict. Americans stopped saving as long as home prices rose; when home prices started to fall, they started saving again.
"That is why the Wall Street protesters are foolish and petulant. American households levered a $6 trillion net inflow of foreign savings during the decade 1998 through 2007 into a bubble that benefited them far more than it did Wall Street. "
Obama Confirms Fears About New Financial Regulator "In so doing, the President confirmed fears that the new agency would be a free-ranging political tool pursuing populist ideological goals. Even other financial regulators have been wary of its open-ended power, concerned that it will undercut their efforts to ensure economic stability. The President’s call to action should add to their concerns."
An Open Letter to the Self-Proclaimed ’99%’ "So the 99 percenters need to do a few things, in my opinion. First, they need to put aside the notion that the world owes them a job. It doesn’t, and never did. They need to assess what makes them worth hiring, and then act accordingly. If you don’t have any marketable skills, get some. They need to put aside the delusion that they represent 99 percent of their fellow Americans. They don’t and never will. They need to come to grips with the fact that their unrealistic view of the world is not only getting in their way, it’s a big part of what has made our economy as weak as it is.
"Will they 99 percenters heed any of this? Eh, at most maybe one percent will. It’s best to keep our expectations realistic."
Obama Confirms Fears About New Financial Regulator "In so doing, the President confirmed fears that the new agency would be a free-ranging political tool pursuing populist ideological goals. Even other financial regulators have been wary of its open-ended power, concerned that it will undercut their efforts to ensure economic stability. The President’s call to action should add to their concerns."
An Open Letter to the Self-Proclaimed ’99%’ "So the 99 percenters need to do a few things, in my opinion. First, they need to put aside the notion that the world owes them a job. It doesn’t, and never did. They need to assess what makes them worth hiring, and then act accordingly. If you don’t have any marketable skills, get some. They need to put aside the delusion that they represent 99 percent of their fellow Americans. They don’t and never will. They need to come to grips with the fact that their unrealistic view of the world is not only getting in their way, it’s a big part of what has made our economy as weak as it is.
"Will they 99 percenters heed any of this? Eh, at most maybe one percent will. It’s best to keep our expectations realistic."
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