The market society has existed in the financial sector since the mid 80’s. Back then the abuses of power and the manipulation of funds did not impact the economy, because Banks were not 30% of GDP.
When I was a Bank Vp , fraud existed but the magnitude of the frauds were limited to millions not billions of dollars. Did Bankers live well, did they have country clubs and perks, you bet. But there was a desire at one of the more aggressive Banks to understand their business: there were no cover-ups going undetected and a very real effort to instill accountability.
Now, nobody and , everybody is guilty of corruption and greed for short term gains. the system is rotten and there is little shame attached to bringing down the world’s economies. it is time, past time, to bring those responsible to justice and levy heavy fines for their crimes against humanity.
However, none of these solutions can be Implemented , until and , unless we re-instate laws to prevent another fiscal crisis from occurring. Glass Steagall is the 1 st law proposed for implementation; deregulation does not work. Too many loopholes , means no compliance to “loosely ” formulated rules. Our institutions need structure and laws. No more misinterpretations should be possible, this has led to chaos and suffering. Enough….
I believe the ‘people” understand what has happened and will demand that justice be done before a 2nd fiscal crisis ensues.
