Friday, December 02, 2011
Germany More Moral Than America
I just finished reading Michael Lewis' chapter in Boomerang about Germany. His theme for Germany is "clean on the outside, dirty on the inside." But much of what turns out to be dirty on the inside is America's subprime mortgage debt, which was sold by unscrupulous American bankers to honest, trusting German bankers. In many ways it is the most damning portrait of the American banking system that I have read of the books I have read about the economic crisis. According to Lewis, the Germans were honest; the Americans were dishonest. It makes be less forgiving toward American bankers. I am now more inclined to believe that the crisis was not something that just happened, but it was caused by Americans who knew that they were doing bad things. I now think that somebody needs to go to jail, along the lines of the "Daily Show" last night, complaining that Martha Stewart went to jail for something that was absolutely nothing compared to what the big shots on Wall Street did, none of whom has gone to jail. It illustrates that America has become a third rate country where you can buy your way out of jail by bribing the President and members of Congress with political contributions.