Wall Street and Washington

Wednesday, September 22, 2010

Former Newsweek reporter Michael Hirsh, now at the National Journal, explains why presidents, from Ronald Reagan through Barack Obama, have put Wall Street before Main Street. In his book Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street, he looks into how that preference has caused numerous economic crises around the world.


Michael Hirsh

Comments [14]

j from bklyn

a couple of things:
we still don't have the math for gravity, and a complete mathematical understanding of the dimension we actually exist in, so all of those pieces of the work of quants; who btw, do have the math for many other dimensions we don't exist in, so of course, who on earth could understand that? [apologies to the trekkies, no ill will intended]

i'm still voting 'for Obama' this fall, because the alternative is so much worse. the repubs/Tbaggers are planning on 'winning' by way of Obama supporters being wimps, instead of taking the long term view of fighting for our own progressive cause; which is, it's going to take this president, and another one like him to build on progressive change afterwards, but it starts again here. the baggers aren't going away, they're just more/less virulent every cycle.

Sep. 22 2010 01:55 PM
Marianne from nyc

Let's see, the wealthy are getting wealthier, the poo are poorer and the middle class is disappearing. Now that these clowns have successfully created the conditions for social unrest and possibly even an uprising, I wonder who they'll blame then.

Sep. 22 2010 01:53 PM

Isn't something as simple as Wall St. funds politicians, who in turn keep Wall St. happy?

Sep. 22 2010 01:53 PM
Jelani from Queens

"..its not about the ape [Wall Street] going's more about the zookeepers [Regulators]minding the zoo" MH

Loved that...because really what is an APE to do?

Sep. 22 2010 01:50 PM
Liam from East Elmhurst

Maybe so re Greenspan, but, the man is/was too 'full-of-himself' and arrogant.

Maybe, he should pray for guidance sometimes and not for more power.

Well, the cogniscenti (hope I spelled it right) will rule-go Hillary!

Sep. 22 2010 01:47 PM
Liam from East Elmhurst

Yeah, you are right. Same ol' BS.

And 10 years from now, the ex-Republican Rodham and the opportunist Clinton, Obama, Palin, and some other uncooth low-lives or dummies with utter contempt for us the great unwashed will take over.

Boy, we are dumb! (lol)

Sep. 22 2010 01:44 PM

I think Canada is experiencing a housing bubble

Sep. 22 2010 01:44 PM
Richard Johnston from Upper west side

Absolutely nothing new here. He even has that annoying habit of saying "If you will" after every figurative expression.

Sep. 22 2010 01:41 PM
Mike D from BK

Why can't we adopt the Canadian Model of Banking? Huge banks with economies of scale but strict regulation. Seems to me that this the way to go.

Sep. 22 2010 01:38 PM
Mike D from BK

Ask him if he thinks the S&L Crisis would not have been so bad if there were Interest Rate Swaps available at the time?

Sep. 22 2010 01:35 PM
Liam from East Elmhurst

Let's face it-it's a lost cause.
It's all about vested interest on the Right/Left.
Same old people-same old crowd-color?
Who cares about color?
I voted for Obama, but, now, I think I voted for another Demo-crap.
Create the social underpinnings that make life worth living, then, Wall Streeters can play a bit-just a bit.

Sep. 22 2010 01:34 PM

Is Obama really a deep compassionate thinker? Or is he just carving a path down the "middle" to be liked by everyone.

Does he honestly care at all about anything or is he just an opportunist?

Sep. 22 2010 01:33 PM

There isn't enough thinking towards holistic solutions to problems. That seems to be the problem with many economists and policymakers.

Sep. 22 2010 01:31 PM
Liam from East Elmhurst

Maybe lawyers should be replaced by thinkers in government and political thought-even, the sons-of-lawyers, aye?

Sep. 22 2010 01:27 PM

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