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Michael Lewis on Financial Crisis Inquiry Commission


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All You Need to Know About Why Things Fell Apart: Michael Lewis

 

http://www.bloomberg.com/news/2011-02-16/all-you-need-to-know-about-financial-crisis-commentary-by-michael-lewis.html

 

....Financial Crisis Inquiry Commission....in a far-too-brief executive summary, they are:

 

Financial Crisis Cause No. 1 .....the women who flooded into Wall Street firms....may have compelled the male risk takers to “show off for the ladies,” ....

 

Cause No. 2: ....They trusted ordinary Americans to behave more responsibly than they themselves ever would, and these ordinary Americans betrayed their trust.....

 

Cause No. 3: .....vast number of dollars these same Chinese people willingly lend to us at absurdly low rates of interest places an unfair burden on our financiers, who must find someplace to put them.....

 

Cause No. 4: Upon our trusting, hard- working and underappreciated financiers we thrust the impossible task of overcoming impersonal historical forces....

 

....from the point of view of their firms and their earnings potential, the so-called financial crisis was a blip. They’ve already forgotten about it.

 

And they assume that, eventually, you will, too.

 

 

 

 

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