Richard Clark - Why Wall Street must crash, must hit bottom
March 21, 2012 As market analyst Paul Farrell recently said , America cannot reset or repair its economy because Wall Street can't and won't give up its addictive behavior.
Let's run through the full diagnosis of why it can't.
What follows here are the 10 characteristics of the self-destructive, addictive personality. As you read each of the ten, and also the paragraph that follows each one, about what's happening on Wall Street today, you'll see why the "Street's" collective mental state is so damaged that it's on track to hit bottom, crash and burn, in a meltdown more damaging than 2008. Yes, the Wall Street crowd will take down the rest of America. And there's no forseeable way to prevent it. Here then are the ten reasons (familiar to patients at the Betty Ford clinic) why that is:
1. Amnesia: Since the 2008 meltdown, Wall Street's memory has been erased
Begin with Tim Geithner diagnosis of Wall Street's addiction: Banks have "no memory of extreme crisis, no memory of what can happen when a nation allows huge amounts of risk to build up outside of the safeguards that all economies require." Amnesia makes Wall Street deaf. They can't hear. Remember, bank insiders are short-term thinkers who naturally discount long-term costs to zero, by passing them on to taxpayers and future generations.
Read More:
http://www.opednews.com/articles/Why-Wall-Street-must-crash-by-Richard-Clark-120318-108.html
