<http://www.pbs.org/moyers/journal/04032009/watch.html>William K. Black with Bill Moyers:
http://www.pbs.org/moyers/journal/04032009/watch.html Posted by The Ox on Salon. Greenwald: <http://www.salon.com/opinion/greenwald/2009/04/04/summers/index.html>Larry Summers, Tim Geithner and Wall Street's ownership of government All I can say is...<http://www.salon.com/opinion/greenwald/2009/04/04/summers/index.html>go read. Glenn Greenwald ties it all together, including the Moyers/W.K. Black interview and how it echoes what former IMG Chief Economist Simon Johnson had to say in his recent article in <http://www.theatlantic.com/doc/200905/imf-advice>The Atlantic: [F]ormer IMF Chief Economist Simon Johnson warned. . .in <http://www.theatlantic.com/doc/200905/imf-advice>his vital Atlantic article: "thatthe 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." This is the key passage where Johnson described the hallmark of how corrupt oligarchies that cause financial crises then attempt to deal with the fallout: Squeezing the oligarchs, though, is seldom the strategy of choice among emerging-market governments. Quite the contrary: at the outset of the crisis,the oligarchs are usually among the first to get extra help from the government, such as preferential access to foreign currency, or maybe a nice tax break, or-here's a classic Kremlin bailout technique -- the assumption of private debt obligations by the government. Under duress, generosity toward old friends takes many innovative forms. Meanwhile, needing to squeeze someone, most emerging-market governments look first to ordinary working folk-at least until the riots grow too large. . . . As much as he campaigned against anything, Obama railed against precisely this sort of incestuous, profoundly corrupt control by narrow private interests of the Government, yet he has chosen to empower the very individuals who most embody that corruption. And the results are exactly what one would expect them to be. Much more... --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to Mark Crispin Miller's "News From Underground" newsgroup. To unsubscribe, send a blank email to newsfromunderground-unsubscr...@googlegroups.com OR go to http://groups.google.com/group/newsfromunderground and click on the "Unsubscribe or change membership" link in the yellow bar at the top of the page, then click the "Unsubscribe" button on the next page. For more News From Underground, visit http://markcrispinmiller.com -~----------~----~----~----~------~----~------~--~---
