Reuters Insider: Wall Street’s fingerprints all over E.U. crisis, says Michael Lewis
By Chris ClairBest-selling author Michael Lewis, promoting his new book “Boomerang,” says Wall Street bears some blame for the European Union debt crisis and that Greece is likely to default and “violently” break away from the E.U.
“… [W]hat we’re seeing now is sort of like the rabbit moving through the snake,” Lewis says. “The bad debts that were accumulated in the private sector in the run-up to the crisis of 2008 got nationalized and they got turned into sovereign balance sheet problems. And so the next stage was going to be what happened to the sovereigns when people wondered if they were going to repay their loans.”
October 6th, 2011 at 11:29 am
Michael Lewis’ book “Boomerang” is a thorough, factual, and objective overview of recent tragic finacial miscalculations and deceptions. He makes a great point (using a German civil servant as his example) of how our self-serving culture in United States, and the desire to make our own personal fortunes regardless of conflicts of interest, and regardless of the public good, leave our financial markets absolutely void of the most basic integrity.
October 12th, 2011 at 1:50 pm
Thank God for Michael Lewis. He clearly describes the actions of the Wall Street scumbags who have bought and paid for our politicians in Washington. His descriptions are clear and logically set out. His interviewing of key personnel in Europe and in the U.S. permit him to put the jigsaw puzzle together so that we can all see the big picture. He points out the useless eConomists that try to use their Harvard educations to solve problems that are clearly way outside their circle of competence. His books always leave me with the same question: Why are Alan Greenspan, Phil Gramm, Ricky Rubin, Larry Summers, Sandy Weill and Arthur Levitt not all sharing a prison cell in Sing Sing?