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Word Acts: 13 Bankers

...Nice work if ye can get it:
everything to gain, nothing to lose (of your own)...

Lawrence Willson writes the poem that demanded to be written about the current crisis in international financial affairs.

Deregulation, self-policing markets,
flexible capital requirements, credit default swaps,
securitization, increased leverage,
government bailouts of banking cronies

While regulators looked the other way
such junk left the big (“too-big-to-fail”) banks
with huge corporate profits
and their huge debt nationalized

Nice work if ye can get it:
everything to gain, nothing to lose (of your own)

Just trillions of dollars of losses on
mortgages and mortgage-backed securities
and a decade of poor economic growth
with declining real household income

Failure to well-regulate the markets
came from the political influence
of Wall Street wed to the ideology
of the late B-film-actor-cum-president

Elected deregulating pols
appointed regulators who advanced
the interests of the regulated and
created hell on earth: blame the voters
if they fail to cast out the greedy devils


Source: Simon Johnson & James Kwak, 13 Bankers in the Wall Street Takeover and the Next Financial Meltdown (New York: Random House, Pantheon Books, 2010).


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