Davos Delegates in ‘Denial’ as $25 Trillion of Wealth Vanishes

[Joanne98]

Jan. 30 (Bloomberg) -- Regret is cheap for some delegates at the World Economic Forum in Davos, Switzerland. Redemption for their role in the worst economic wreck since the Great Depression comes at a steeper cost.

“Nobody in Davos wants to get near a negative like redemption,” said Robert Dilenschneider, chief executive officer of the Dilenschneider Group, a public relations firm in New York. “But the truth is that everyone here is part of the problem, and the public will soon begin demanding a pound of flesh.”

“No banker or businessman wants to take responsibility,” said Dilenschneider, who counts 40 Davos delegates as clients, their identities shielded by confidentiality agreements. “It’s their view that everybody else did something wrong.”

Questions about responsibility, blame and contrition hang in the cold mountain air at the glitzy Alpine resort this week like so much exhaled breath. With $1 trillion of bank losses and $25 trillion of market value gone missing since the start of the financial crisis, there’s much to account for.

“There’s a ‘Great Gatsby’ quality to Davos,” said Niall Ferguson, a professor of history at Harvard University in Cambridge, Massachusetts, referring to the novel by F. Scott Fitzgerald. “When people look back at this gilded age, I’m sure there will be images of the investment bank parties at Davos, just as people looked back at flappers after the 1920s. People are still in denial.”

http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=abAA1ieh6wTk

[w4rma]

1. Those bankers lobbied hard for the changes in regulations that they *got* so that they could destroy

the U.S. economy and line their pockets and bank accounts. That is a despicable traitorous group of people. And then when they got in trouble they lobbied for a "bailout" which turned out to be just more lining their own pockets. And now they're crying wolf again and want more government handouts. Any more money they get they'll just launder it away.

[Tandalayo_Scheisskopf]

2. I am in the middle of a heated discussion on that.

Here: http://www.lehighvalleylive.com/tony-rhodin/index.ssf/2009/01/184_billion_is_a_lot_of_cash_b.html

Note: They banned me and made me change my nick. Seems the Lehigh Valley suffers from a decided paucity of Joseph Heller readers.

But do consider the quality of the discourse from our friends on the right. Dumber than ditch carp, they are.Talking, writing meat puppets that, when you pull on the rig on their back, spew the collected wisdoms of Rush Limbaugh, Bill O and Hannity. Verbatim.