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Article: Breaking the banking oligarchy

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Joined: 23 Jan 2009
Posts: 117
Schools: Fuqua
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Article: Breaking the banking oligarchy [#permalink] New post 31 Mar 2009, 11:45
Quote:
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.


Link: http://www.theatlantic.com/doc/200905/imf-advice

The author is also a professor at Sloan. Interesting stuff... I think he makes what is an obvious point: that of course the finance industry will fight regulatory reform. But that might just be a sign that we're on the right track.
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Article: Breaking the banking oligarchy   [#permalink] 31 Mar 2009, 11:45
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Article: Breaking the banking oligarchy

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