Echo: "Nothing useful was produced, purchasing power was just taken from the middle class, and given to financial sector employees via a complicated monetization of leveraged gambling."
Pretty much. But, let's not forget globalization and global plutocracy.
Chris Whalen at The Big Picture: "The Bernanke/Geithner approach to not dealing with the financial crisis amounts to a hideous public subsidy of the global transactional class, a transfer of wealth from American taxpayers to the institutional investors who hold the bonds and derivative obligations tied to the zombie banks, AIG and the GSEs. All of these companies will require continuing cash subsidies if they are not resolved in bankruptcy."
Every time I see hedge fund manager, Larry Summers, I cannot help, but think he's fat. He's really fat.