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People have pulled money out of the economy [during the subprime crisis]. Obviously under the Bush tax cuts they’re not putting it back in. They’re not using it to create companies and employ people. Yes, there are winners in this.
Should we have an economy based on whether people make good or bad bets? Or should we have an economy where people build companies, create manufacturing interests, do inventions, advance the American society, make it more productive. This economy is based on people sitting at their computers making bets all day long.
— Michael Greenberger, professor at the University of Maryland School of Law, speaking about how financiers bet the subprime mortgages wouldn’t be paid off and profitted handsomely on Fresh Air [40 minute interview].
