Another Day of Reckoning Down the Road

Fareed Zakaria talked to author of Liars Poker, Michael Lewis, about what the future is for Wall Street and the economy...

LEWIS: One of the things that's odd about the current situation is that the people who created the problem are so powerful in deciding what the solution to the problem is going to be. There is a great tradition on Wall Street of making a fortune, creating a mess, and then making a fortune cleaning it up. But to do it on this scale is breathtaking to me. And it is amazing to me the degree to which, say, Goldman Sachs is intertwined with the Treasury, and how they're -- there don't seem to be any independent voices in the thick of the decision-making. The decision-making is all being done by people who one way or another might expect to make a lot of money from Goldman Sachs in the future.

ZAKARIA: You talked about that in an op-ed in the "New York Times." Describe that amazing revolving door between the SEC and the investment banks.

LEWIS: Well, that's the -- that's sort of the down market version. But the directors of the last three -- let's see, three of the last four or four of the last five directors of enforcement of the SEC work for big Wall Street banks now

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