Yves Smith comments on a paper called “Bullshit Promises” by Curtis Bridgeman and Karen Sandrik which was picked up by Elizabeth Warren.
Both the paper and Smith’s commentary are a must read.
In summary, the hand wringing about the failure of certain facets of capitalism which have American cultural associations (such as gung ho rather than conservative bankers), has begun and a mainstream awareness of the hitherto niche idea of a culture of manufactured consent (i.e. bullshit) is perhaps emerging.
Smith points to the fact that white lies are endemic in corporate culture in the US. Anyone who has had to navigate the corrupt and cynical inefficiency of anything from healthcare insurance companies to retail banks (not just investment banks) will be aware of something fundamentally wrong with the way that these organizations worked in the decade or so leading up to the crash. Unfortunately entrepreneurship and innovation will suffer because of the reaction against the systemic incompetency in these sclerotic organizations and will no-doubt result in regulation which will be ill thought out and wrongly targeted.