Excerpt:
"Plunder is fun until everything has been plundered. Nothing is infinite except greed and credulity. Unfortunately, neither greed nor credulity can build a sustainable, productive economy.

We blew it: rather than investing in a sustainable mix of energy and in increasing the productivity of labor and industrial processes, we squandered irreplaceable oceans of capital and credit in oh-so profitable skims and scams such as $10 trillion in stock buybacks and completely unproductive speculative absurdities.

All the capital that was malinvested in shifting production overseas, financial scheming and speculation cannot be replaced. All the credit that was squandered on skims and scams (borrow billions to fund stock buybacks, borrow trillions to reward cronies and buy the complicity of the masses) is now an unstable toxic dump that threatens a financial system that is now the crumbling keystone of the entire global economy.

We didn't have to be this foolish, but the incentives made it all rational to squander trillions of irreplaceable capital and decades of irreplaceable time. The incentives reward maximizing short-term profits by any means available, which include bribery, buying political favors, balance sheet fraud, loading companies with debt then taking them public, etc.-- none of which increase productivity, innovation or sustainability."