When debating what we bought for ourselves with a rescue sold on avoiding the 'cascade effect', we have to ask ourselves, "What is unleashed by a rejuvenated Goldman-Sachs?" Damage that is more corrosive but also more gradual, so less perceptible to people who aren't looking for it?
As Baker writes above, "Goldman's success is inherently parasitic.
To me, that is true, but I'll go a step beyond that- the system is constructed in a way that only parasites can succeed. Back in 2008, it was hard not to fall into the trap of believing the cascade effect was going to throw us all into some post-capitalist wasteland if we didn't step in to prevent it, but in the frenzy of thinking about how much bad could happen, we squandered a golden opportunity to make something really good happen.
I completely believe that if Obama immediately leveled with people and told them, "We're going to clean up this mess the right way and there will be some very strange moves in the equity markets and the bond markets and the dollar may plummet but just hold on, we'll be better off for doing it", I think the American public would have said, "Go for it, we're with you."
Do I think he ever considered doing that? Nope. I think he decided to fake it.
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