Simon Johnson is one of my favorite economists. I trust his views on the financial markets and on financial regulation. It is my (disappointed) belief, that we should be greatly concerned about heading towards another financial crisis unless we act swiftly to return responsibility to our financial system. Barring this, look for more massive harm to the real American economy. I’m still kind of flabbergasted that Wall Street could basically cause a mess that nearly brings down the American economy, and yet be the only ones who are thriving right now.
“We now have a financial system that is completely based on moral hazard. Crazy things happen when you have a financial system like that.” – Simon Johnson (from below video)
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