Telling it like it is

Michael Pomerleano is disgusted. In his view the financial "professionals" have failed. They got us into this mess and, in Pomerleano's words, "Treasury plans to rely on the same firms and people that were involved in leading to the crisis to get us out of it".

He contrasts our behavior during the S&L crisis with the almost lackadaisical approach currently favored by Geithner & Co. Again from Pomerleano

In the US, we are told that there are no culprits in the crisis. The attitude of the policy makers, regulators, bankers and traders involved in the crisis is virtually fatalistic, treating the crisis as an inevitable “force majeure”. All of them were observers and “no one saw it coming”. In short, the crisis is a Lemony Snicket’s “Series of Unfortunate Events”.

Read the article.