Obama team still in the grip of the market mystique
But it has become increasingly clear over the past few days that top officials in the Obama administration are still in the grip of the market mystique. They still believe in the magic of the financial marketplace and in the prowess of the wizards who perform that magic.
Much discussion of the toxic-asset plan has focused on the details and the arithmetic, and rightly so. Beyond that, however, what's striking is the vision expressed both in the content of the financial plan and in statements by administration officials. In essence, the administration seems to believe that once investors calm down, securitization — and the business of finance — can resume where it left off a year or two ago. Full Story »
Posted by Dwight Rousu
There seems to be a contrast between the glitter of big finance wheeling and dealing, versus the nitty gritty of running an economy that supports a stable society.