Quote of the Day: Wall St. Villains

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Asked by a member of the Financial Crisis Inquiry Commission about whether there was a singular event—the Gramm-Leach-Bliley Act, say, or looser capital requirements at banks, or the staggering decline in underwriting standards—that led to the financial meltdown, Peter J. Solomon, a veteran investment banker, had this to say:

“It was a perfect storm from inside. It was a confluence. If you listed the number of villains in this tale, you wouldn’t have a plot.”

Solomon’s remark, delivered in the second of the FCIC’s three hearings today, came amidst a much livelier debate from three finance experts not tied to the big supermarket banks or investment houses on the causes of the crisis. For more on that and the third hearing, check back here at the MoJo blog a bit later today.

 

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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