Ex-CITIGROUP CEO Blames Glass-Steagall Repeal for Financial Crisis

[Octafish]

41. I blame the greedhead set -- those with money and power who use it to feather their own nest.

Mr. Parsons may know this, but I doubt he lets it weigh on his conscience:

The U.S. economy has been on a war footing since 1942. The combination of the secret national security state and the revolving door for decision makers from Government/Pentagon to the private sector has pretty much locked in that side of the spending equation to the detriment of civilian spending. Then, sometime in the 1970s, those outside of government with big money to invest found they could make more money through finance than manufacturing. Throw in Reaganomics and the rich getting richer exponentially, and we've got a systemic disaster unparalleled in democratic history. Of course, in the meantime, the good jobs disappeared from our shores and followed the investment money overseas.

All is not lost, though. Thankfully, one class of Americans did quite well. So, guess who founded the U.S.A. - China Chamber of Commerce?