Quote of the Day: Wall St to Blame for Economic Woes, not Lack of Education

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Ben Cohen
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What nonsense to insist that low public school test scores hobbled our economy when it was the highest-achieving graduates of our elite colleges who designed and sold the financial gimmicks that created this crisis. Indeed, some of the folks who once designed the phony mathematical formulas underwriting subprime mortgage-based derivatives won Nobel prizes for their effort. A pioneer in the securitization of mortgage debt, as well as exporting jobs abroad, was one Jeffrey Immelt, the CEO of GE, whom Obama recently appointed to head his new job creation panel.

Robert Scheer sneers at Obama's State of the Union Speech, calling on the President to focus on the real causes for the awful economy: Wall St.