Everyone Is To Blame For Gone To The Wall Street
Victor Davis Hanson blames everyone:
No one dares to ask what really drove the wheeler-dealer portfolio managers… Who fostered the cash-in culture in which both Wall Street profit mongering and Washington lobbying are nourished and thrive? We citizens did — red-state conservatives and blue-state liberals… We may be victims of Wall Street greed — but not quite innocent victims.
We created the cultural climate for this shared madness. Television shows advised how to “flip” a house after putting in cosmetic improvements. Real-estate seminars and popular videos convinced us that homes were not places to live in and raise a family but rather no different from piles of chips on a Vegas table…The problem went way beyond real-estate fantasies. Five-percent interest as a return on our money was once considered pretty good…But soon retirement-account holders and institutional investors began to expect as a given 7, 10 — and even 20 — percent “return” on their portfolios.
You bastards!
Posted: 26th, September 2008 | In: Reviews Comment | TrackBack | Permalink
