Business as usual
Felix Salmon links to Andrew Ross Sorkin, who analyzes the dearth of remorse on Wall Street:
One of the frustrating parts of researching my book came when I finally got to ask the question of Wall Street chief executives and board members that you just raised: Do you have any remorse? Are you sorry? The answer, almost unequivocally, was no. (Or they just didn’t answer.) They see themselves as just one part of a larger problem, with many constituencies to blame.
Salmon adds:
If bank executives (with the notable exception of John Reed) see no need to apologize for destroying the global financial system, they are still part of the problem and are very unlikely to be part of the solution. Which bodes ill for the future.
Between the exuberant rush to emerging markets, rising commodity prices, a weaker dollar, and a renewed hubris in the financial sector, it's beginning to seem like it's 2007 all over again.
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Thanks for another snappy analysis. An incisive take on the financial crisis.
Posted by: Anon | Nov 11, 2009 5:28:05 PM
When I ask economists who produced economic "science" incapable of recognizing what was happening (and rejecting the economics of people like William White and other Hayekians who did), do you have any remorse? Are you sorry? the response is about the same as that from the Wall Street executives.
No one responsible for this disaster will own up to what they did -- or own they complicity in screwing the economy and millions of victims.
And the economists and their failed & bogus image of "science" and macroeconomics are as complicity as anyone -- and as eager as anyone to pretend their hands are clean. Actually, they aren't, and if the economists want to set an example of what it looks like to be an adult professional standing up Taking responsibility for themselves, well, we're all waiting.
Posted by: Greg Ransom | Nov 11, 2009 6:21:17 PM