Washington Post, December 27, 2009
Page B4: The details in "Too Big To Fail" will turn your stomach. The arrogance, lack of self-awareness, and overweening pride are astonishing.
Our most senior government officials determined that the US must allow Goldman to keep its risky portfolio of assets, while offering it essentially unfettered access to cheap credit from the FED. In rescuing a crippled investment bank, the Treasury created the world's largest government-backed hedge fund.
The people running our biggest banks with incentive to take more risk - if things go well, bank executives get the upside, and if there is a problem, the taxpayer will pick up the check.
Page G1: Spenders become savers: Recession leads some Americans to try to put away more-even with lower incomes.
Comment: It is difficult to change the lifestyle of the folks in USA or in China.
Francis Shieh aka Xie Shihao, an observer of lifestyle of the folks in USA and in China on Sunday, December 27, 2009 at 2 p.m.
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