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Only the Banksters Understand the Economy (Just Ask Them)

Roll Call has an article discussing how the mortgage relief, credit card and other Bank Bills Test Industry Muscle. The story traces the banking industry’s clout to this incisive commment from a bank lobbyist:

“Banks continue to play an important role in shaping legislation because we’re experts in the economy,” said Scott Talbott of the Financial Services Roundtable.

I think this deserves some type of award.

No one else knows how to foster an $8 trillion bubble, get the entire world economy dependent on trillions more in overleveraged debt dependent on the bubble, fail to see or mitigate its risks, pretend to insure against calamity with worthless derivatives, then crash the world economy, while convincing the US Govt to give it $10 trillion (and counting) in bailouts/loans/guarantees to shield them from market consequences.

The expertise is stunning. No wonder Larry/Timmeh trust them.

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John has been writing for Firedoglake since 2006 or so, on whatever interests him. He has a law degree, worked as legal counsel and energy policy adviser for a state energy agency for 20 years and then as a consultant on electricity systems and markets. He's now retired, living in Massachusetts.

You can follow John on twitter: @JohnChandley