Monday, October 20, 2008

Courteous gall

James K. Galbraith, Professor of Economics, University of Texas

Excuse me for asking an impolite question.

But did David Walker, Eugene Steuerle -- or Peter G. Peterson himself -- devote even five percent of the vast resources that they have lavished in recent years on the supposed "entitlement crisis" to warning about the impending mess on Wall Street?

Did they write anything about it? Did they speak out against the Bush administration's abandonment of supervisory responsibility in the financial system? Did they protest the massive abuse of unsophisticated home buyers by the loan originators in the subprime sector? Did they comment on "liars' loans," "neutron loans" and "toxic waste"? Were they heard about the risks involved in securitizing subprime loans? Did they foresee that credit default swaps could collapse like a house of cards? Did they caution that the stock market might crash, ruining the private retirements of millions of Americans?

If they did, I must have missed it.  National Journal Online h/t JH

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