Wall Street Oligarchy: Read All About it
My brother (a really smart guy and a dedicated gold investor) sent me link to an article that will be published next month in The Atlantic. The article is called “The Quiet Coup” and was written by Simon Johnson, an MIT professor and former chief economist at the International Monetary Fund. It describes how the entrenched power structure in the Wall Street financial world – the oligarchy – has had a stranglehold on our economy and on our government, even to this day.
It makes a powerful case for nationalization of the big banks as the only sure way out of the mess we are in. That’s hard to take for free market guy like me.
I highly recommend that you read it. Even if you don’t agree with the author’s conclusions, the recitation of facts about the incestuous nature of finance and government will get your blood boiling.
Oh, and check out the author’s chart on how employee compensation in the financial sector has ramped up over the years with respect to the rest of us. Did they deserve it? In retrospect, I think not.
While I am mentioning financial news that gets me agitated, read this piece from Mother Jones about one of the Wall Stree lobbyist hacks that Geithner is bringing into Treasury with him. Does Timmy know anyone not tainted by past experience?
Otherwise, have a great weekend.
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