Tuesday, March 15, 2011

What's Worse Than an Earthquake, Tsunami, and a Nuclear Meltdown?

Wall Street. 

The cost of Japan's disasters is estimated at $170 billion.  The Wall Street bailout was $700 billion. 

More importanly, if the movie Inside Job is any indication, the the poison Wall Street used to infect America is pernicious as nuclear radition.  According to a NYT review,
The end of the film raises a disturbing question, as Mr. Damon exhorts viewers to demand changes in the status quo so that the trends associated with unchecked speculation of the kind that caused the last crisis — rising inequality, neglect of productive capacity, endless cycles of boom and bust — might be reversed.


This call to arms makes you wonder why anger of the kind so eloquently expressed in “Inside Job” has been so inchoate. And through no fault of its own, the film may leave you dispirited as well as enraged. Its fate is likely to be that of other documentaries: praised in some quarters, nitpicked in others and shrugged off by those who need its message most. Which is a shame.
The fact that the message will be "shrugged off" may be why Charles Ferguson, the film's director has concluded "none of the post-2008 reforms will prevent a repeat of another global financial crash, particularly since the U.S. money houses which survived, thanks to bailouts, are more powerful than ever."

Radiation has a half life; Wall Street greed and corruption apparently don't.

HT Roger Ebert tweet of original comparison (posted from a spot where Twitter is blocked, so I can't do the link.)

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