Thursday, October 8, 2009

Elizabeth Warren from "Capitalism: A Love Story"

Not an anticapitalist, but she makes the case well anyway.

From the third page:
I just don't think we could talk yet in terms of a recovery. I think the right way to understand this is that we stabilized the patient. No one goes to bed at night wondering when you wake up in the morning and will this financial system have collapsed.
We clearly are past that point, but we have to remember the way we stabilized it. We stabilized it by saying the American government is going to put its money, its guarantees, the taxpayers' money behind our financial system to hold it up.
And that may have given, you know, some cheery news to investors in the stock market who say I want to invest in some of those companies that have those sorts of government guarantees to back them up, but it doesn't tell us that the economy itself is turning around. It doesn't tell us that there are good jobs out there or even that we're starting to build the infrastructure that's going to produce those good jobs.