This, sadly, is very true, but I wanted to point out that there are a few of us – okay, maybe just me – who are doing what we can to inject a more liberal perspective into the college economics classes we teach. Of course, I am only an adjunct at a fourth-rate institution at the moment, and I only teach the basic courses, so I am limited in the impact I can have. But I’m trying baby, I’m trying.

Over the past few years, many investment bankers behaved like idiots, but so did average Americans, racking up unprecedented levels of personal debt.

Gee whiz, in both of those cases the bankers are the gatekeepers of credit.

Well, sure, but where’s our bailout?

tsam said,

January 28, 2010 at 1:55

“Oregon Beer Snob said,
January 27, 2010 at 20:32
Maybe bobo had to write this column because of the strong signal we Oregonians sent by voting for new taxes yesterday for the first time in forever-and-a-half.”

You’ll all be out of a job by the end of the first month, commie libz

But I drive a truck!?! Worship me!!!!1!one!

(And although I use the “shorter” construction, I mean this as a compliment to the post author.)

I’m sure the real populist Jim Hightower would have a little bit to say about that term being thrown around like free money shots.

You’ll all be out of a job by the end of the first month, commie libz

Yeah, the innovation that created credit default swaps did wonders for the economy.

Second, it absolves voters of responsibility for their problems. Over the past few years, many investment bankers behaved like idiots, but so did average Americans, racking up unprecedented levels of personal debt.

Damn irresponsible peons didn’t give themselves raises for a decade, or got sick- to hell with those idiots!

Art Chance said,

Dance, badgers, dance!

In Vino Veritas

Hey, what about Volcanos? Don ‘t forget volcanos when you talk about “rich bashing”. Must have volcanos. Without volcanos, what’s the use of anything?

he was at least half right with his notion of gag orders on ethics complaints and the like. Any allegation of wrongdoing against a public officer is front page news and that officer is guilty until proven innocent. When he or she ultimately is shown to be innocent, it is in six point on page 83. Ok, where do you sign up to get your reputation back?

Likewise, corruption indictments; a decent prosecutor can, literally, indict a hamburger. And in case nobody has noticed, prosecutor’s motives often have absolutely nothing to do with the pristine pursuit of truth and justice. Most political corruption cases are questions of causation v. correlation. Acme Enterprises gave Rep. Y money, Rep. Y voted for something good for Acme Enterprises. The Sun sets after I eat dinner. Did my eating dinner cause the Sun to set?

This board and the News have already convicted everyone indicted and several that haven’t been. When it is over, few if any will be convicted. Frankly, I don’t have any illusions about the ethical challenges some of them have, but proving it beyond a reasonable doubt is another matter altogether.

Over the past few years, many investment bankers behaved like idiots, but so did average Americans, racking up unprecedented levels of personal debt.

Yeah, I for one was leveraged 30x. Good thing that bailout money came through.

“I think [the bankers will] happily (& knowingly) do [CDSes and CDOs] all over again…”

They’re already doing it.