Sunday, January 10, 2010

Frank Rich - The Other Plot to Wreck America

Frank Rich, in his column The Other Plot to Wreck America, posits that while we've all become counterterrorism experts full of ideas on how to stop the next underwear bomber, we remain clueless about "the financial weapons of mass destruction" that made our economy shit the bed.

What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

Worth a read.

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