Author slams 'free market drivel' of bank apologists: Yves Smith profile
The creator of the Naked Capitalism blog and author of one of the definitive accounts of the global financial crisis argues that the US remains chained to outdated economic ideas and that its banks should be regulated like utilities.
Most of the books and reports seeking to identify the root causes of the global financial crisis have concentrated almost entirely on the recent past; tracing its origins to the early part of the last decade and the beginning of a prolonged period of low interest rates in the US and rapid expansion of the shadow banking system. Among the list of perpetrators, most fingers are pointed at greedy bankers and the ‘light touch’ regulation that allowed the greed to flourish.
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