Spitzer Returns

Love him or hate him, the guy's been pretty spot on with regards to Wall Street's excesses.  You've got to think the guy's stopped banging whores.  For the time being, anyway...

The below is from his yesterday appearance on CNBC's "Squak Box"...

"What we have seen is a breakdown of capitalism," Spitzer said in a live interview on CNBC. "We have seen a libertarianism driven by Alan Greenspan's worldview that was absolutely destructive to the life-savings of middle-class Americans. The Fed has been sliding [money] into these banks through hidden mechanisms, lowering interest rates, this notion of converting the common stock…It is the same scam continuing—and this should not continue."

Spitzer criticized the bank stress tests and said the middle class will suffer the most as a result. He said that without any change in bank behaviors, the banking crisis would only continue to persist and grow.