Wednesday, June 29, 2011

The real causes of the economic crisis? They’re history.

By Phil Angelides

They say that winners get to write history. Three years after the meltdown of our financial markets, it’s clear who is winning and who is losing. Wall Street — arms outstretched in triumph — is racing toward the finish-line tape while millions of American families are struggling to stay on their feet. With victory seemingly in hand, the historical rewrite is in full swing.

The contrast in fortunes between those on top of the economic heap and those buried in the rubble couldn’t be starker. The 10 biggest banks now control more than three-quarters of the country’s banking assets. Profits have bounced back, while compensation at publicly traded Wall Street firms hit a record $135 billion in 2010.

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  1. let me add here in postage. if there were ever a time to trust people now is it. maybe not. back before iraq i wanted to join army rangers and serve country. my country has failed alot of good guys, old, young, poor, women, no mattter. grandma suffers like grandpa. they failed us because of not preparing for measures. when economy died they needed to send money in male to each person here. they didnt. whos to blame for this. thank you very much.

    - Sam

  2. Typical point of veiw from a liberal CA Democrat. Maybe he needs to be asked why CA has such a large budget deficet. Could it have anything to do with his party having a majority in Sacramento for years?


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