I highly recommend this article by Simon Johnson: The Quiet Coup – The Atlantic (May 2009) There are two key points to take away. First: the financial sector has far too much political power in America. The intermingling of Wall Street people and politicians has produced a very unhealthy ‘oligarchic’ interdependency between the two. Specifically, […]

In response to a question about this comment at The Baseline Scenario: Pay Back Time? The upcoming G20 meeting threatens to be either raucous or a typically weasel worded non-event. there are huge policy differences between the US/UK and Europe on how to deal with the current crisis. In fact the European response seems to […]

Krugman nails it today. Here’s his column in this mornings New York Times: Op-Ed Columnist – The Market Mystique Therein lies the rub. Those of us who think something fundamental is wrong align with opinions like those Krugman expresses here. Clearly the Obama administration is in a different camp. My view is that finance needs […]