Thursday, February 19, 2009
Meet the New Oligarchs, Same as the Old Oligarchs
If I was only allowed to choose one blog for keeping up with the current financial crisis it would be BaseLineScenario.com
One of the blog's co-founders, Simon Johnson, was on Bill Moyers Journal last week.
Johnson related his past experience managing economic crises in Third World nations to the current crises in the United States and drew some parallels. Chiefly, that one of the largest obstacles most nations must overcome in this situation is breaking the power of the people who got them into the crises. Moyers then proceeded to tick off five key players in the Obama administration who built their careers as muscle for the banking industry. Between them, I wonder how many CDO financial products they were personally involved in designing and bringing to the market?
This would be sorta like PETA hiring butchers straight off the Hormel kill floor to work on next year's biggest fundraiser.