Wall Street’s politically suicidal lawsuit – Wall Street – Salon.com

10 Dec

The conclusion:

If Greece defaults and Europe’s major banks can’t make payments on their debts to Wall Street, another bailout will be required. And the politics won’t be pretty.

There you have it. A federal court will now weigh costs and benefits of a modest rule designed to limit speculative trading in food and energy.

But in coming months and years, the American public will weigh the social costs and social benefits of Wall Street itself. And it wouldn’t surprise me if they decide the costs of the Street as it is far outweigh the benefits. If so, the Street has only itself to blame.

via Wall Street’s politically suicidal lawsuit – Wall Street – Salon.com.

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