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Good related article by Simon Johnson in the Atlantic:

Simon Johnson, The Quiet Coup

Looking just at the financial crisis (and leaving aside some problems of the larger economy), we face at least two major, interrelated problems. The first is a desperately ill banking sector that threatens to choke off any incipient recovery that the fiscal stimulus might generate. The second is a political balance of power that gives the financial sector a veto over public policy, even as that sector loses popular support.

Big banks, it seems, have only gained political strength since the crisis began. . . .

. . . the power of the oligarchy is just as important as the immediate crisis of lending. And the advice from the IMF on this front would again be simple: break the oligarchy.

by TGeraghty on Sat Mar 28th, 2009 at 11:56:59 PM EST
Hey TGeraghty - good to see you around! (Though it has been me not around...). Hope to see some more of your great posts - you have always provided important perspectives (like this one). I have been hearing a lot about this Simon Johnson - will have to read of his stuff. Thanks!

"Once in awhile we get shown the light, in the strangest of places, if we look at it right" - Hunter/Garcia
by whataboutbob on Sun Mar 29th, 2009 at 05:07:32 AM EST
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There's been some discussion of Johnson's article here and here.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Mar 29th, 2009 at 05:19:05 AM EST
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