Prime Minister: “A Lack Of Courage To Take On Vested Interests Are Pushing Us Inexorably Toward The Next Crash”
WashingtonsBlog.com
December 26, 2013
Nothing Has Been Fixed
Absolutely nothing was done to address the causes of the 2008 financial crisis, or to fix the system. See this, this and this.
That’s as true in England as it is in the United States.
As former British Prime Minister Gordon Brown notes in the New York Times:
The economist David Miles, who sits on the monetary policy committee of the Bank of England, may exaggerate when he forecasts financial crises every seven years, but most of the problems that caused the 2008 crisis — excessive borrowing, shadow banking and reckless lending — have not gone away [and speculation has shot through the roof]. Too-big-to-fail banks have not shrunk; they’ve grown bigger [background]. Huge bonuses that encourage reckless risk-taking by bankers remain the norm [indeed]. Meanwhile, shadow banking — investment and lending services by financial institutions that act like banks, but with less supervision — has expanded in value to $71 trillion, from $59 trillion in 2008 [he’s right].
The Rest…HERE
