What's The Matter With Us?

Gary Becker & Richard Posner
The Becker Posner Blog

The Financial Crisis: Why Were Warnings Ignored?--Posner“

"Citi was heavily involved in derivatives, which have been described by Warren Buffett as ‘financial weapons of mass destruction.'

It should be clear by now to any rational person that the deepening economic crisis has it's origins in a total lack of oversight by the governments of the world.

Some very smart people, including Nouriel Roubini, Paul Krugman, and many others warned about what was happening. Why were they ignored?

Could it have been greed? Could it have been that the exact same people who had the most to lose or gain ignored what they didn't want anyone to really know?

I am unable to believe that the the very same people who still feed at the trough today-those who claimed that they actually were entitled to 7,8,9 or even 10 figure incomes because they were the smartest people around really didn't know what was happening. I believe that they ignored or refused to acknowledge the truth so that they could continue to suck huge salaries and bonuses out of the system. And they are still getting away with it!

Thomas Frank asked "What's The Matter With Kansas?"....it's time to ask, what's the matter with the American people?"