Saturday, February 14, 2009

Economist Warns Obama Of Powerful US Financial Oligarchy

It doesn't take a great leap of faith to believe every thing MIT Economist Simon Johnson says about the need for President Obama to stand up to and break up the power of the financial and banking industry oligarchy that is now in control of virtually all of America's Banks and financial institutions.

Johnson questions Treasury Secretary Tim Geithner motives, resolve and conflicts of interest when it comes to dealing with these powerful people. On Friday's Bill Moyers Journal the economist warned that the bankers will play Obama and the taxpayers for chumps if we do not take steps to control them or have them relinquish their power.

Johnson went so far as to says that Obama may have to demand that CEO's and other major players step down in order to change the culture that brought us the crisis. Many of the same individuals at fault for the crisis are still running the same institutions they lead into insolvency. Pretty scary given that the taxpayers are about to give these people billions or dollars more to save their companies from complete collapse.

Under questioning from Moyer, Johnson indicated that the United States in its present economic state is more akin to a 2nd or 3rd world nation than the premier world financial power it had been for so long. Such is the depth of the crisis.

Professor Johnson also has an informative blog baselinescenario.com that provides a in depth look at the economic crisis. I just hope the president is reading it.

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