recovery will fail unless we break the financial oligarchy

[flytiger]

* The Quiet Coup *

The Quiet Coup

<<< 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. >>>

Simon Johnson

Full story in the May 2009 issue of the Atlantic

http://www.theatlantic.com/doc/200905/imf-advice

 

[stock777]

ps, when is Angelo Mozilo going on trial for war crimes?

 

[poyayan]

I thought changing party will right this somehow, but still the same shit. Stuffing taxpayer money to these financial oligarchy.

What does it take to tell these banks to f**k off?

 

[zorro]

Don't blame the banks, blame the government and the US citizens who have for so long been addicted to easy money.

At the top you have the drug grower - Government
Then you have the dealers - Banks
Then the addicts - People

Now you have the growers and banks coming together to work out a solution. Who needs who more? The only fact is that the addicts are just required to stay addicted, and as long as they are, can be ignored.

 

[Mvic]

I wonder if after this latest trillion is doled out we will find out that the banks have just set up a bunch of new SIVs to take advantage of the government's free non recourse money to buy their own assets form each other or themselves. Sweet deal (for them) if they can make it work.

http://blogs.reuters.com/great-debate/2009/03/25/geithners-naked-subsidy-redefines-toxic/

 

[mokwit]

Government by the corporations for the corporations.