Anger at the financial sector's hubris is surfacing again after 70 years. The old order is dying....

[marmar]

..... Let's bury it.



from the Asia Times:



The 'best men' fall - again
By Steve Fraser


"Obtuse" hardly does justice to the social stupidity of our late, unlamented financial overlords. John Thain of Merrill Lynch and Richard Fuld of Lehman Brothers, along with an astonishing number of their fraternity brothers, continue to behave like so many intoxicated toreadors waving their capes at an enraged bull, oblivious even when gored.

Their greed and self-indulgence in the face of an economic cataclysm for which they bear heavy responsibility is, unsurprisingly, inciting anger and contempt, as daily news headlines indicate. It is undermining the last shreds of their once-exalted social status - and, in that regard, they are evidently fated to relive the experience of their predecessors, those Wall Street "lords of creation" who came crashing to earth during the last Great Depression.

Ever since the bail-out state went into hyper-drive, popular anger has been simmering. In fact, even before the meltdown gained real traction, a sign at a mass protest outside the New York Stock Exchange advised those inside: "Jump, You F*****s."

You can already buy "I Hate Investment Banking" T-shirts on line. All the Caesar-sized salaries and the Caligula-like madness as the economy crashes and burns, all the bonuses, dividends, princely consulting fees for learning how to milk the Treasury, not to speak of those new corporate jets, as well as the government funds poured down the black hole of mega-mergers, moneys that might otherwise have spared citizens from foreclosure - all of this is making ordinary Americans apoplectic. ............(more)

The complete piece is at: http://www.atimes.com/atimes/Global_Economy/KB13Dj02.html

[CrispyQ]

1. I don't think Wall St. or DC have any idea of the simmering anger on Main St. --nt