My father was in public service most of his life.And he was vocal about responsibility; he had very strong opinions about what was right and what was wrong, If he found an employee or a policeman who was not living up to his position--taking a bribe or taking tips--out they went!
Our economy spent more than 10 years overconsuming, underinvesting, too heavily engaged in borrowing from abroad--and it all contributed to the massive financial crisis we have today. This is not an ordinary recession where you may have a sharp decline, then when money eases, it snaps back. A massive amount of debt has us by the throat, so to speak. We're in for a long slog.
I think the financial markets became an enabler. There was a feeling that somehow we reached a kind of nirvana where well-developed financial markets were self-equilibrating and spreading debt around in a way that reduced or spread risks to the economy as a whole and to financial institutions. That all turned out to be an illusion.
People were making huge amounts of money in this financial transformation, but there's a real question about how beneficial it was for the …