A financial coup d’état

That’s not the opinion of some left-wing loony. It’s the opinion of Democratic congresswoman Marcy Kaptur who says Wall Street has effectively taken over the US Congress and Federal Reserve. An excellent interview here on Bill Moyers with her and former IMF Economic Chief Simon Johnson (hardly Marxists either of them).

BILL MOYERS: So, Simon, what happens now? If we’re going to avert a depression and the next calamity, what needs to be done?

SIMON JOHNSON: Well, I think you have to keep at it, Bill. I mean, that’s the lesson from previous generations of Americans, who have really confronted entrenched power like this. You have to keep at it. And you mustn’t be satisfied. When the Administration says, ‘Okay, we fixed it. Don’t worry. We did some technical tweaking on capital requirements, for example, in the banks.’ You have to say, ‘No, that’s not true. Let’s look at what’s happening, let’s follow it through.’

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