Wall Street's Racket Has Gone Too Far, and We're Going to Pay the Heavy Price

By James Howard Kunstler, Kunstler.com
Posted on May 22, 2008, Printed on May 22, 2008
http://www.alternet.org/story/86087/

"Far from normal."

Those were the words that Fed chairman Ben Bernanke has used to describe the financial markets (and by extension, the economy) these heady spring days when everybody else with a rostrum, it seems, has pronounced the so-called liquidity crisis contained. There's a great wish for American finance to return to business-as-usual -- raking in fantastic fees for innovating new modes of tradable paper and engineering mergers and buyouts that generate huge fees plus $100 million kiss-offs for corporate CEOs in the noble struggle to dismantle America's productive capacity -- but apparently events are still out of hand.