It has been commonplace for the mainstream media (MSM) to dismiss the claims of systemic fraud and corruption put forward by this and many other blogs.
But when one of the world's most renown and influential economists say it, it must be true. Here is a marvellous quote from Jeffrey Sachs (with whom this blog has previously taken issue - welcome aboard Jeffrey!):
“I meet a lot of these people on Wall Street on a regular basis right now,” he (Sachs) continued.
“I am going to put it very bluntly: I regard the moral environment as pathological. And I am talking about the human interactions . . . I’ve not seen anything like this, not felt it so palpably.”
"They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”
Posted by Nicholas Moore 3:50:46 PM