Courtesy of Tyler Durden
Harvard professor Elizabeth Warren provides a much needed sober perspective of Bernanke’s Doctrine of Mandatory Global Moral Hazard, by discussing just how broken the banking system continues to be.
“My view is any institution that is Too Big To Fail is one that distorts the economy and ultimately is very costly to all of us.”
Most notably, Warren on the intention by Wall Street and by the administration to eradicate the middle class:
“The middle class became a resource to be pulled from – “the turkey at the thanksgiving dinner” – the middle class has gotten shakier and shakier, it has become hollowed out. The middle class makes us who we are. The middle class gives us political stability. It is safe to walk our streets because we have a middle class. And every time we hollow [the middle class] out we take the risk that something of what we know as America begins to die. That’s what scares me.”