Quote of the day: 20 Jul 2008 – James Grant

Have we, too, not suffered at the hands of what used to be called The Interests? Have the stewards of other people’s money not made a hash of high finance? Did they not enrich themselves in boom times, only to pass the cup to us, the taxpayers, in the bust? Where is the people’s wrath?

Wall Street Journal, 20 Jul 2008

1 Comment
  1. MasonMcD says

    Grant rather disingenuously pins a large share of the blame on central banking.

    Nowhere in the article does he mention the effect of the Gramm-Leach-Bliley Act – in effectively repealing the Glass-Steagall Act of 1933, GLBA has done more to precipitate today’s banking meltdown than any weak gesture to the good/ill of the federal reserve can demonstrate.

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