“The fundamental problem right now is that you have conflict resolution, or problem resolution, that is predicated on bad motivations, where politicians are trying to keep their jobs with the strategy of explaining to everybody why everything is fine, no matter what…What if your economic plan—where you monetize the entire future with no money and create a giant credit casino—doesn’t work? No plan! Oh, OK—so that means we’re going to spend a few extra trillion and do no reform? Interesting concept, my politician friends!”

That’s exactly what I think. We are witnessing a fundamental failure of the leaders of this country to deal with continuing financial incompetence of Wall Street. They seem to live in a world where devotion to contributions and the next election trump all considerations of patriotism and national interests.

(The quote is from an article by Lloyd Grove in The Daily Beast.)

James Pilant