When the current crisis is over, the reputation of American-style capitalism will have taken a beating—not least because of the gap between what Washington practices and what it preaches. Disillusioned developing nations may well turn their backs on the free market, warns Nobel laureate Joseph E. Stiglitz, posing new threats to global stability and U.S. security.
Michael Lewis, author of "Liar's Poker," the fabled book about Wall Street in the '80s, appeared on "The Rachel Maddow Show" tonight to promote his latest book about becoming a father, titled "Home Game." However, the conversation quickly turned to the current situation in the financial industry, and Lewis pointed out some of the paradoxes inherent in the way the current bank bailouts has been handled.
The Pecora investigations provided the factual basis that the financial system and political allies were corrupt. They did not divide the nation or divert its response to the economic crisis.
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WASHINGTON — One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.