Great Work Tom Carper & Mike Castle!
Clearly, Reagan, Clinton and Bush I & II played their parts, but Carper and Castle had a front row seat to the financial services industry’s takeover of the government. Guess what side they were cheering on?
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
h/t Unstable Isotope
Tags: Tom Carper
We here in Delaware are doomed by our unfortunate representation of the Money Party men, Castle & Carper. No way will they ever admit that what is good for Wall Street is bad for Main Street.
Also, unfortunately, the President has waded hip-deep in with the Goldman-Sachs crowd pulling him into the mire.
I sure hope they realize before it is too late.
Zombie banks & the Federal Reserve are pillaging our futures. Aaaack!
This is a great post.
To see how far the table has been slanted to the financial industry, go here:
http://www.theatlantic.com/images/issues/200905/johnson-chart.gif
You can see why they are fighting so hard to keep the table slanted.
break the financial oligarchy
Indeed.
Definitely a must-read article. Simon Johnson also figures very prominently in the “Bad Bank” episode of This American Life which explains what’s happening (highly recommended, but one hour long). I guess one thing that has changed is now criticism from the left is being heard, Paul Krugman is on Newsweek‘s cover this week.
One thing from that graph – 50% of all business profits from the last 10 yrs. have come from financial services. Wow.
That Atlantic article is exceptional. It is worth thinking about the data Johnson presents there in light of the effort to “privatize” Social Security by BushCo. You couldn’t even argue about “too big to fail” anymore, much less go down the path of questioning fees, charges, or even practices. Talk about being taken hostage….
“break the financial oligarchy”
Not until we get Campaign Finance Reform. Until then it’s “You give me the money and I deliver the votes” All the hollering, condemnations and complaints are useless and they know it. They sit securely in their Office and call it “service”.
Everytime I hear them say “I served” my skin crawls . Tom Carper needds to go….fat chance, so lump it.
Yes C
Talk about being taken hostage….
Errrr,,, right, Frieda- you know what they call it in the cattle/dairy when they used to let bulls & cows procreate (before all the technology)…
SERVICE!
Seems I’ve gotten a LOT of SERVICE from banks since last summer. 😛
flutecake…..very funny comparison
“Seems I’ve gotten a LOT of SERVICE from banks since last summer. ”
Ohhh yesss did you own some the really good old NBNA stock too ? BankAM went down to $3.50, yah I would say we got “Service” allright
Paul Krugman is on Newsweek’s cover this week.
Hmmm…. funny how Krugman doesn’t get on Newsweek until he starts criticizing Obama.
I went to newsweek.com and found a FOX-style poll:
“Obama’s Far-Left Budget? GOP Senator says it will bankrupt us.”