Surviving Capitalism (Not) : Schwarzman Says Kowtow to Banks or They Will Strangle the Economy

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Friday, February 12, 2010

Schwarzman Says Kowtow to Banks or They Will Strangle the Economy

from Naked Capitalism blog. This article written by an honest and moral financial blogger who has a career in the US finance industry provides us with an insider look at banksters. Of course, she believes that the beast of capitalism can still be tamed.

The last thing the public should do now is turn down the heat on bankers. We have just been through the greatest looting of the public purse in history. We cannot relent until we understand how it happened and have put new rules in place to prevent its recurrence. People like Schwarzman need to understand that the populace is increasingly understanding that what has been depicted up as reform is mere industry serving pablum. Even if Schwarzman is incapable of seeing it, continued pressure will lead some of his colleagues to recognize that they need to embrace change or else wind up in the dustbin of history.