An interesting piece describing the capture of the US government by the finance industry:
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
The full story: The Quiet Coup by Simon Johnson
Noting the recent use of the word “Bankster” and the smile the term elicits whenever I’ve brought the term up, part of me has feel that somewhere Harold Wilson is smiling. But John Robb is right: governments would do well to put the banksters at arms length, and help their own citizens, not the banksters. We’ll see if that happens.