Representative Perlmutter, would you care to explain the Grand Canyon sized loopholes in this thing you pretend is reform? [hi, you are doing it wrong…]
Because the financial reform story is getting sadder and sadder, here’s a little news round up on America’s fate as a banana republic if some political types don’t wake the hell up…
Today’s snippet is from Simon Johnson for The Atlantic, an early warning call (May 2009 article) on breaking the oligarchy that is hurtling the US toward depression:
“Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people.
But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.”
Followed by the fact check of Fernholz’s Taibbi fact check (got that?) for those who are still interested.