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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

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