The global financial crisis and economic downturn, one year on: Deutsche Bank
Published: 03 August, 2009, 17:58
With the global financial crisis and ensuing economic slowdown passing its first anniversary, Business RT spoke with Yaroslav Lissovolik, Chief Economist at Deutsche Bank, Russia about how the Russian economy has fared.










"... Where we are left today, dear taxpayer, is a lot poorer. Unless you are a major shareholder and/or bonusable employee of Goldman Sachs. Brains, ingenuity and value creation should be rewarded in all fields, Wall Street included. But when value created is the direct result of the risks borne by others for your benefit, the sharing of benefits needs to be re-allocated. This has not and apparently will not be done, and we, dear taxpayer, are the worse for it. Further, such a crisis could have provided the opportunity and the impetus for a re-look at capital markets risks, getting CDS users to support a central credit derivatives exchange and revised capital rules to incentivize better gap management. The banks lobby like hell against these changes, because it cuts into their fees, notwithstanding the systemic benefits such changes could have on the global financial markets. Banks now lobbying with US taxpayer dollars against changes that could protect the US taxpayer from more harm in the future. Something is terribly wrong with this picture, yet all anyone wants to talk about are executives getting paid too much. It's called missing the forest for the trees, and it is a fixture of both those trying to sell newspapers (get clicks) and run our Government, and it pisses me off. ... nakedcapitalism.com AND "... Everywhere you turn there is evidence of just how bad our economy is getting. Growing unemployment, families that are struggling to put food on the table, and retirees that are having to make the choice between doing without or joining the millions of others that are looking for a job. Unfortunately, many of our economic woes have been created by government intervention and politicians who believe themselves to be economic “experts.” ..." schiffforsenate.com