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“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; cheapest celebrex.More alarming cheapest celebrex, 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. Cheapest celebrex: the government seems helpless, or unwilling, to act against them.” Click for ARTICLE
- The Quiet Coup
- Simon Johnson
- The Atlantic
- May 2009
The United States today looks no different than any of the emerging markets looked in the late 1990s. Wall Street lobbyists are pulling the strings of our elected officials (that they have “bought and paid for” with campaign contributions) in order to engineer the most massive wealth transfer in history. Wall Street titans (who made huge bets with borrowed money and lost their shirts) are now making the prikhvatizatsiya (Great Grab) by Russian Oligarchs look mild by comparison. Trillions of dollars have flowed out of the Federal government and into Wall Street’s coffers. The vast majority of these programs have been established without Congressional approval and with little oversight whatsoever. The massive scale of this wealth transfer (begun under Bush and perpetuated under Obama) is so staggering and brazen that it defies comprehension. Even more incomprehensible is the fact that most Americans continue to sleepwalk through life while the United States becomes one giant Banana Republic right under their noses.
The Quiet Coup is a must read and perhaps the best synopsis of the financial crisis as a whole. It is long but this is a complex topic and therefore I recommend it to everyone.
For Further Reading:
Is Amercia the New Russia? :: Martin Wolf :: Financial Times :: April 14, 2009
Making Banking Boring :: Paul Krugman :: NYT Opinion :: April 9, 2009
Obama’s Ersatz Capitalism :: Joseph Stiglitz :: NYT Opinion :: March 31, 2009