Monday, March 15, 2010
The Unholy Alliance: Washington & Wall Street
If you failed to see 60MINUTES last night here is a link supplied to me by Butch, one of MONEYTHOUGHTS' followers.
I have read a good deal of Michael Lewis' work starting with his first book Liar's Poker from the late 1980s. I hope to get his newest book that he mentioned on 60 MINUTES last night. I did catch the show last night and enjoyed seeing someone talk about the same issues I have been writing about in my blog for the last two years. Unfortunately, as I read in the Sunday New York Times, blogging is something done mostly by women and MONEYTHOUGHTS is not exactly what women are looking for in a blog. I don't nurse and never have.
When Michael Lewis was asked what needed to be changed, the first words out of his mouth were about the credit rating agencies. He knows this and I am sure there are others out there in a position to do something, politicians, that know this too.
After listening to Michael Lewis last night and thinking about what he said, I have come to the conclusion that little is going to change until there is a seismic revolution in this country. The unholy alliance between Wall Street and the politicians in Washington maintains the status quo. Without a change in the operation of the credit rating agencies, we are all headed back down the same road to disaster again. Without serious and comprehensive reform of the capital markets and banking, the seeds for another financial panic are already in the ground and germinating.