Frank Rick (again): The other plot

Ok, I am on a Frank Rich binge, but he does have one thought provoking article after another. In his column recently he wrote about The Other Plot to Wreck America:

“If they all skate away yet again by deflecting blame or mouthing pro forma mea culpas, it will be a sign that this inquiry, like so many other promises of reform since 9/15, is likely to leave Wall Street’s status quo largely intact. That’s the ticking-bomb scenario that truly imperils us all.” (from “The Other Plot to Wreck America”)

I just just finished reading the rare business/economics book (I usually skip them) called How Markets Fail. A highly readable and comprehensive review of economic theory as it evolved from Adam Smith to the present day. From the linked review in the Economist:

“For Mr Cassidy, the deeper roots of the crisis lie in the enduring appeal of an idea: that society is always best served when individuals are left to pursue their self-interest in free markets. He calls this “Utopian economics”. (from The Economist)

I suspect Mr. Cassidy would agree with Mr. Rich, above, and vice versa.

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