This Huffington Post article by Les Leopold is right on.
“What a great year for Wall Street: profits up, bonuses up and, best of all, criticism down, especially from Washington. Somehow Wall Street has much of America believing its lies and rationalizations. We’re even beginning to forget that Wall Street is largely responsible for the economic mess we’re in.
So before we’re completely overtaken by financial Alzheimer’s, let’s revisit Wall Street’s greatest fabrications for 2010.”
A few exerpts here:
“Two years ago Wall Street’s colossal greed crashed our economy….
Yes, Wall Street has paid back most of our bailout funds. Whoopee! Our economy is in shambles, and millions of people are suffering….
…Schwartzman and his fellow hedge fund honchos all held onto their unbelievable tax break:…
…“The hard truth is that getting this deficit under control is going to require some broad sacrifice, and that sacrifice must be shared by employees of the federal government.”
But not by Wall Street….
…Nearly everyone on Wall Street sincerely believes that they are “worth” the enormous sums they “earn.” You see, their pay is determined by the market, and markets don’t lie….These obscene “earnings” are the product of 30 years of financial deregulation, as well as the tax cuts and tax loopholes that our government has just extended. The hedge fund honchos get most of their money by siphoning off wealth from the rest of us, not by creating new value. I dare Wall Street to prove otherwise.”
read the whole article: Les Leopold: Wall Street’s Ten Biggest Lies for 2010