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Elites selling out America explained

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needs financing to build America.

Michael Lewis ... selected as a new American Made Hero!

For Mr. Lewis's view that Wall Street's arrogance toward America must stop and that our financial leaders must regain a sense of social obligation towards supporting America and its' economic future, we therefore welcome Michael Lewis as a member of AmericanMadeHeroes.com!

"Wall Street is not a creator of wealth. It is a hand maiden to creators of wealth. It occupies essentially a parasitic, but a usefully parasitic, relationship with the rest of the society. It is totally out of control. It is not making America a great place. It is making America a worse place right now. That's the problem. Finance needs to occupy a healthier, more productive relationship with the rest of society."

"It is not healthy that our financial system has rules in it that allow the returns to individual traders that it enables and it leads half the smartest kids from the best schools wanting to be, more than anything else in their lives, bond traders or investment bankers. It is a waste of talent. The wrong economic signals are being sent by the system that is in place. I think that if the rules were changed in some obvious way the returns to the finance sector would decline and talent would find some more useful avenues of endeavor."

"There was nothing illegal about what they did. It was just exploitative, it was just wrong. They were smart enough and their position in the society was elevated enough, that you would have thought that they would have paused and said I have some responsibility here to not do this or to prevent this from happening and not to actually make it happen" ..."at the very top of the status structure is Goldman Sachs, certain traders at Goldman Sachs, and hedge funds.""

"When the people at the top set such a bad example everything else, in a weird way, follows from it. I would like the genuine elites to explain why they behaved in the way they did because I think, in the end, if you are going to get back to a saner relationship between our financial system and the rest of the economy, the rest of society, you have to have people at the top of that structure who have some sense of social obligation ... and they don't right now."


Interviewing Michael Lewis on his book "Liar's Poker".

— March 15, 2010 (Bloomberg) -- Michael Lewis, author of "Liars' Poker," talks with Bloomberg's Erik Schatzker about the subprime mortgage crisis and his new book "The Big Short."

"The legitimate business of Wall Street is to allocate capital. The traditional businesses of Wall street, the traditional capital allocation businesses, have gotten less and less profitable. All these new markets, the financial innovation, was a response in part to Wall Street's need for profits."

In searching for more profit Mr. Lewis states: "When you look at how Wall Street makes its' money ... you realize that Wall Street has developed a system where it trades against its' customers."

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