4. Rich Banks
[K] In the 1980s, the financial sectors share of total corporate profits ranged from about 10 to 20 percent. By 2004, it was about 35 percent. Simon Johnson, an economist at MIT, recalls a conversation he had with a fund manager. The guy said to me, Simon, its so little money! You can sway senators for $10 million!? Johnson laughs ruefully .These guys [big investors ] don%t even think in millions. They think in billions.
[L ] What you get for that money is favors. The last financial crisis fades from memory and the public begins to focus on other things. Then the finance guys begin nudging .They hold some fundraisers for politicians, make some friends, explain how the regulations theyre under are onerous and unfair. And slowly, surely, those regulations come undone. This financial crisis will stick in our minds for a while, but not forever. And after briefly dropping to less than 15 percent of corporate profits, the financial sector has rebounded to more than 30 percent. Theyll have plenty of money with which to help their friends forget this whole nasty affair.
5. Lax Regulators
[M] The most troubling prospect is the chance that this bill, if wed passed it in 2000, wouldnt even have prevented this financial crisis. Thats not to undersell it: It wouldve given regulators more information with which to predict the crisis. But they had enough information, and they ignored it. They get caught up in boom times just like everyone else. A bubble, almost by definition, affects the regulators with the power to pop it.
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