Wednesday, April 15, 2009

Maladaptive: America's 'Financial Oligarchy'

Goldman and the privateering pirates of Wall Street "believe that this is their economy." FAIL.

Click to listen to today's Fresh Air from WHYY:

In his article "The Quiet Coup" in the May issue of The Atlantic Monthly, former (2007-2008) International Monetary Fund chief economist Simon Johnson says that U.S. suffers from "financial oligarchies."

Unless the U.S. breaks up its financial oligarchy, Johnson -- now a professor at MIT's Sloan School of Management -- warns that America could face a crisis that "could, in fact, be worse than the Great Depression -- because the world is now so much more interconnected and because the banking sector is now so big."