Michael Lewis, the former Salomon Brothers trader who wrote "Liar's Poker" about the excesses of Wall Street during the 1980s, delivered a devastating critique of the financial industry and of the government bailout today on CNN"s "Fareed Zakaria GPS."
Lewis thinks that the government's rescue efforts have only served to postpone a "day of reckoning" for Wall Street:
I think that we are in for another day of reckoning down the road. I just don't know when it is.I think that they haven't even properly evaluated the institutions.
They haven't been honest about what these institutions have on their books. They've had phony stress tests.
So, we're in a kind of, I think, right now, in a period where there's a false sense that it's over, that the crisis is passed. I don't think the crisis is passed.
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