The WSJ celebrates its favorite deadly sin
by digby
Greed has existed since man committed original sin, and no doubt it has always existed on Wall Street and most other places. Greed in moderation might even be called ambition. While the media most often attribute it to bonus-seeking traders on Wall Street, greed can exist in other locations, too. Perhaps you have noticed how frequently prosecutors leave their government jobs for higher pay as corporate attorneys. Mr. Martens may eventually be one of them.
But for the Beltway, Wall Street greed is good—perfect, in fact—because it serves as an all-purpose explanation for the financial crisis. The word can help persuade jurors looking to find someone accountable as a symbol of the crisis. It is also useful because it absolves Washington of its pre-crisis sins. The same political crowd that encouraged Americans to buy houses with easy money and distorted incentives needs to blame the bankers for the crisis, and what better way than to assail their greed. The bankers played their role, but if you believe greed caused the crisis you’ll believe anything.
I dunno. I think it sounded better in the original, don’t you?
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