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Congratulations, Democrats, on a job well done!

lambert's picture
Tue, 05/05/2009 - 1:17pm — lambert

Bloomberg:

Wall Street Firms Will Revert to Pre-Crisis Model, Cohen Says
“The system will look more like what preceded the current environment than many people seem to believe,” [said H. Rodgin Cohen, chairman of law firm Sullivan & Cromwell LLP], said yesterday at a panel discussion on the future of Wall Street sponsored by Bloomberg News in New York. “I am far from convinced there was something inherently wrong with the system.”

Yay!

Sure, I know it's just a trial balloon, and given that we're quoting a Wall Street lawyer, it's probably just another example of confidence-restoring Clap Your Hands-ism.

But still. These people should be trembling with fear. Instead, they're complacent. Interesting.

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gqmartinez's picture

Yay post-partisanship!

By gqmartinez on Tue, 05/05/2009 - 1:44pm

So glad the FKD party wanted and tried so hard to get rid of the old Dem constituenies for this new group. Yay!

Only tyrants rig elections.

»

Bernanke says the recession is "losing steam," per speech today

By jawbone on Tue, 05/05/2009 - 1:59pm

Report from FinFacts Ireland and also on NPR's top of the hour news summary:

The US recession appears to be losing steam, with growth likely to resume later this year, triggered by firmer household spending, a bottoming housing market and an end to inventory liquidation, the US Federal Reserve Chairman Ben Bernanke said today.

However, Bernanke said that the recovery will probably be slower than usual, and warned that the unemployment rate may stay high "for a time" as businesses remain cautious about new hiring. [Ya think, Ben?]

"We continue to expect economic activity to bottom out, then to turn up later this year,"the Chairman said in prepared testimony to the Congressional Joint Economic Committee.

Read on for some of the caveats....

Overall, sounds like the the non-Uberwealthy are fucked, while the holders of wealth can continue to increase their take. Ah, rents....

»
gqmartinez's picture

The Contract and Expand cycle

By gqmartinez on Tue, 05/05/2009 - 2:03pm

The cycles have sure benefited the wealthy and uber-wealthy over the last 30-40 years, haven't they.

Only tyrants rig elections.

»

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