Posts Tagged ‘financial elite’

Richard Florida
by Richard Florida
Sat Mar 28th 2009 at 10:14am UTC

America’s Financial Oligarchs

Saturday, March 28th, 2009

The ever-growing financial bailouts have produced a growing sense of outrage in America. Simon Johnson, professor of economics at MIT and former chief economist at MIT, writes in The Atlantic that America’s financial elite are putting their won interests ahead of their country and essentially looting it to enrich themselves and enhance their power.

Johnson compares America’s new financial oligarchs to their Russian counterparts, and says that their considerable political clout amounts to a “silent coup” which paralyzes the country from undertaking much needed sweeping reform of its banks and financial institutions.

The solution is obvious to anyone who has been part of the IMF or understands the financial crises that have affected other countries. Johnson writes, nationalize the banks and limit the power of the financial elite. But he fears this cannot happen because of their unvarnished power.

Johnson seems convinced that if the financial roots of the the current crisis are not dealt with it will end up worse then the Great Depression.

Sobering stuff. Read it closely.