Tuesday, August 04, 2009
PAUL KRUGMAN, The New York Times,
PAUL KRUGMAN, The New York Times,
Rewarding Bad Actors
In this excellent Opinion piece, Krugman discusses the continuity between sleazy Wall Street practices, excessive bonuses, and how our tolerance of these activities make America poorer.
Americans are angry at Wall Street, and rightly so. First the financial industry plunged us into economic crisis, then it was bailed out at taxpayer expense. And now, with the economy still deeply depressed, the industry is paying itself gigantic bonuses. If you aren’t outraged, you haven’t been paying attention.
But crashing the economy and fleecing the taxpayer aren’t Wall Street’s only sins. Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view.
And they’re still at it. Consider two recent news stories.
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Posted by Editor on 08/04/09 at 06:53 AM •
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