VER­BA­TIM

The Woolwich Observer - - COMMENT -

“The be­hav­iour of the (pri­vate) fi­nan­cial sec­tor, seek­ing quick cap­i­tal ac­cu­mu­la­tion fixes in the realm of fi­nance rather than real pro­duc­tion, caused the cri­sis. Poor pub­lic reg­u­la­tion de­liv­ered at the be­hest of these same in­ter­ests en­abled this be­hav­iour. Yet the cri­sis was swiftly trans­formed into a sovereign debt cri­sis, for which pub­lic au­thor­i­ties were re­spon­si­ble and to which pub­lic sec­tor aus­ter­ity is the so­lu­tion.”

Stephen McBride, the Canada Re­search Chair in Pub­lic Pol­icy and Glob­al­iza­tion at McMaster Uni­ver­sity, takes stock of the fall­out from the fi­nan­cial cri­sis a decade ago

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