Quote of the day: 20 Jul 2008 – James Grant

| 20 July 2008 08:00

Have we, too, not suffered at the hands of what used to be called The Interests? Have the stewards of other people’s money not made a hash of high finance? Did they not enrich themselves in boom times, only to pass the cup to us, the taxpayers, in the bust? Where is the people’s wrath?

-Wall Street Journal, 20 Jul 2008

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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1 Comment

  1. avatar MasonMcD says:
    20 July 2008 at 11:37

    Grant rather disingenuously pins a large share of the blame on central banking.

    Nowhere in the article does he mention the effect of the Gramm-Leach-Bliley Act – in effectively repealing the Glass-Steagall Act of 1933, GLBA has done more to precipitate today’s banking meltdown than any weak gesture to the good/ill of the federal reserve can demonstrate.