That is what we are doing with this financial crisis. The Obama Administration, Fed and Congress are just fighting to get back to status quo. The same securitization model that got us into this mess is still there but with huge government subsidies. It looks like the financial oligarchy won.
“The system will look more like what preceded the current environment than many people seem to believe,” Cohen said yesterday at a panel discussion on the future of Wall Street sponsored by Bloomberg News in New York. “I am far from convinced there was something inherently wrong with the system.”
The financial oligarchy doesn't see anything wrong with the system. Wow, talk about putting your head in the sand but consider who said the above quote: attorney for the oligarchy. Not just any attorney. But an attorney that withdrew his name for Deputy Treasury Secretary in March. This guy needs to crawl back under the rock. Trillions of dollars of people's retirement savings are gone but there is nothing wrong with the system.
Nothing is changing. Bank regulators may be negotiating the stress test with the zombie banks. What is the point of negotiating the stress tests? To dress up a very bad situation.
What is the point of continuing this post - we lost this battle?