Beyond casino capitalism

In These Times
by David Moberg

12/08/08

Until recently, the wizards of Wall Street believed they had abolished — or at least ‘managed’ — risk so well that they could turn the global economy into a casino. By playing the roles of both the gambler and the house, they were always guaranteed to come out the winner. In the process, they borrowed deeply and redoubled their bets, multiplying the risk inherent in a capitalist economy. It worked for a while. In 2007, the financial sector reaped 40 percent of all U.S. corporate profits, as debt-driven speculation proliferated in a dizzying array of financial devices...

//www.inthesetimes.com/article/4066/beyond_casino_capitalism

Informant: Thomas L. Knapp



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