Systemic Rut In Thinking About The Financial Crisis
Last night I tried to make the point that folks who are trying to pooh pooh the AIG bonus issue are missing the mindset behind them that effects economic and financial policy on a wider scale. I wrote:
What's interesting about the new DC J-List insiders' (just kidding) take on the AIG bonus mess is how they do not make the obvious connection to the bigger problem of Treasury's timidity regarding the financial crisis. Of course in the scheme of things, the AIG bonuses are a drop in the bucket -- but the problem here is, to coin a phrase, "systemic." Too much energy and political capital has been wasted by the Obama Administration in propping up the old Wall Street order and not enough in trying to figure out what exactly would be best for the country.
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