Former fed chair Paul Volcker, TARP bailout overseer Elizabeth Warren
and Nobel economist Joseph Stiglitz all slammed the government's approach
to the economic crisis today:
Volcker accuses
Obama’s National Economic Council Director - and consummate
financial insider - Lawrence Summers for slowing down the effort to
organize a panel of outside advisers on the crisis
Warren has discovered
that Paulson overpaid by $78 billion
dollars for toxic assets purchased from financial institutions
"Perhaps the entire strategy is flawed? Perhaps what
is needed is a fundamental rethinking. The Paulson-Bernanke-Geithner
strategy was ... based on a failure to grasp some of the fundamental
changes in our financial sector since the Great Depression, and
even in the last two decades."
Will Bernanke, Summers and the other people who got us into this mess
keep on steering the ship over the waterfall? Or will the powers-that-be
start to listen to those telling where we are, and start steering away
before it is too late?
