In all the troubling economic events of the last few years, the desire of many to make sense of how, why and what to do now has been absent. Yes, there have been partisan and political ramblings on regulation and free-market-solves-everything preachers, but there hasn’t been a clear vision of understanding and remedy. Until now.
The testimony of Michael Mayo, managing director and financial services analyst at Calyon Securities in front of the Financial Crisis Inquiry Commission is the first time I’ve read a clear, unbiased and persuasive summary of how, why and what to do now. His testimony and powerpoint slides can be viewed here, courtesy of CNBC:
Both documents should be required reading for anyone who wants to understand our current economic state of affairs and what should be done to correct the excess greed and risk-taking which plunged our economy into recession. It remains to be seen how quick we will recover, but it is clear the political will to significantly change the “system” fades with each up-tick in the stock market. Crisis, what crisis?
Thanks, Mr. Mayo for your analysis and let’s hope people in Washington are listening!
If not, the doom and gloom of Hollywood’s obsession with end-of-the-world movies will soon become documentaries.