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August 17, 2011

This Most Important Question Never Asked – Till Now

“How did we go from blaming ‘banksters’ for all our financial ills to now casting teachers, cops and firefighters as overpaid government slackers who are keeping an economic recovery from picking up steam?”

That is the question asked by Matthew Goldstein in his Reuters blog post entitled “Who changed the financial crisis narrative?” 

From that simple, straightforward question, he observes: “Somewhere, somehow, the narrative of the worst financial crisis since the Great Depression changed. Not too long ago, all the talk was about exotic securities backed by crappy mortgages, inadequate bank regulation, excessive CEO pay and burdensome consumer debt. Now the conversation in Washington and Wall Street is more focused on overly generous pensions for public employees and the levels of government spending on the poor, for education, new roads and middle class health benefits.”

This question must be asked by everyone who cares about financial reform and the cost of the Wall Street meltdown, which is being imposed on everyone but the bankers, financiers and others who caused it. 



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