Never thought I’d see it either, but witness last week’s events! The divide between Wall Street and Washington was pushed even further: business bashing and finger pointing has reached extremes of incivility it would appear.
The Wall Street Journal hosted the Future of Finance Initiative conference on Tuesday where finance executives expressed anger at Washington’s anti-Wall Street rhetoric.
Goldman Sachs blamed AIG for its losses; fund managers called for a complete overhaul of regulation of the markets and former Federal Reserve chairman, Paul Volcker voiced the opinion of many of the attendees by acknowledging that
“…we’re in a government-dependent financial system and I never thought I’d see the day!”
Now follow up that with Thursday’s proposal for measures that would regulate hedge funds and allow the government the power to “seize and dismantle” companies deemed a threat to the economy! I agree Paul, I never thought I’d see the day!
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