It makes me plenty mad to hear some pundit claim that the current fiasco was completely avoidable. I am surely ready to buy the idea that it was largely avoidable.
And to hear things like the insanity of
"former Treasury Secretary Robert Rubin’s $100 million-plus bonuses (while he was busy sowing the seeds of Citigroup’s destruction, with risky derivatives"
Whenever Rubin came on TV in years past he came off like somebody else entirely, I'm not so sure I didn't hear him come up with some Marxist stuff.
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Rubin used to be my hero. But once I learned just how much he was involved in stopping the regulation of derivatives, I have to say, I am ready to string him up too. I have zero respect for him or Alan Greenspan at this point. They both let their free market and deregulation views blind them to what was going on.
More disturbing is that Geithner and Summers are both proteges of Rubin and both supported him in his view. So are we allowing the foxes to watch the hen house? I think not because I think they both can see that they blew it big time. Not only that, we are watching and there will be howls if anyone gets a sense that they are going to let the market solve this.
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