Wall Street Owns Washington

The second-highest ranking Democratic Senator, Dick Durbin, told a local radio station in April: “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.” Rep. Marcy Kaptur of Ohio delivered this extraordinarily piercing five-minute revelation on the Wall Street bailout and how the Congress is subservient to their dictates. Former IMF Chief Economist and current MIT Professor Simon Johnson argued in the May, 2009 issue of The Atlantic, that “the finance industry has effectively captured our government” and detailed how the U.S. has become very similar to failed emerging-market nations in both its political and economic culture.

All of that came together last night on Bill Moyers’ Journal program, as Johnson and Kaptur together discussed the stranglehold which the financial industry exerts over the federal government and how that has produced a jobless recovery in which the only apparent beneficiaries are the bankers and other financial elites who caused the financial crisis in the first place.
moyers-kaptur-johnson

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2 Responses to “Wall Street Owns Washington”

  1. euandus Says:

    Consider the presumptuousness in the banking lobby involving itself and insisting that its interests be served in Congress as it fashions financial regulatory reform. That they are in any position to be part of that process is beyond at least John Galbraith. If you are interested, here is my post: http://euandus3.wordpress.com/2009/10/31/the-banking-lobby-on-the-presumptuousness-of-pushiness/

  2. euandus2 Says:

    I don’t think the reform being considered by Congress goes far enough because I don’t think they (and we) know the extent to which bankers will go to get their way. On suspicious practices at amcore bank in IL, I recommend the following:
    http://euandus3.wordpress.com/2009/11/05/advantage-banks/

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