Lawrence H. Summers plays down his stint in the hedge fund business as a mere part-time job — but the financial and intellectual rewards that he gained there would make even most full-time workers envious.
The status quo -- Summers, Rubin, Geithner and the rest are the financial 'geniuses' responsible for creating this mess... and now they are supposed to get us out of it?
These people drink their own Kool-aid ... They beleive these "financial markets" simply need to be recapitalized. The real solution? Most of them don't even need to exist.
Sure, we need capital markets to raise money to BUILD THINGS... to invest in research... to fund entrepeneurs who actually increase our standard of living by making 'stuff' ...
But most of these markets exist for their own sake: to enrich other bankers and investors who's sole function is life is pushing piles of money around -- like some sick game of musical chairs where (win or lose) you take your cut.
Finance is a necessary evil. But these people beleive their own propaganda. Read DeSantis' letter of resignation...It oozes with the kind of self-righteous nonsense that only a person WHO ACTUALLY BELIEVES pushing piles of money around in circles EARNS HIM $760+ MILLION per year.
Until society and its people realize this is criminal insanity things won't get better...