We have created in America a permanent political class that has powerful incentives to remain in office and grow government. Protected from accountability by gerrymandered districts and financial support from special interests, its members at times actually defy their constituents, as they did on the illegal immigration issue in 2007 and the mortgage bailout bill in 2008. It's time to hold our politicians to account.
Sunday, May 2, 2010
How the economy fell apart - the book
Released two years after the historic failure of investment bank Bear Stearns, The Big Short: Inside the Doomsday Machine, the new book by financial journalist extraordinaire Michael Lewis, doesn’t have a lot of new information to offer us. We already know well-educated idiots had too much control on Wall Street. We already know the ratings agencies offered less accurate analyses of the market than the best guesses of a fifth grade math class. And we already know the banks gamed the system by taking advantage of poorly conceived accounting rules. Still, Lewis’ masterful tale of the known is a must read for all trying to understand why the economy fell apart.
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