I’m trying to stay away from working with the old economy, especially since I declared for the new economy, but good commentary deserves mention. Kevin Drum has a beautifully written article explaining in completely clear terms how Wall Street managed to walk away unscathed from the global disaster it left the rest of us buried under.
It’s the kind of piece you can send to any of your friends and they will see a light breaking as they read it. The article, Capital City, has this to say: “A year after the biggest bailout in US history, Wall Street lobbyists don’t just have influence in Washington. They own it lock, stock, and barrel.”
But Drum’s story is not about economics, it’s about politics, and more precisely about political lobbying. The finance lobby has quite simply captured the entire U.S. government, and to a large extent it’s taken over the media and popular culture as well.
Now if the aerospace lobby had told us after the 1986 Challenger disaster that the key to better performance was to turbocharge the engines and quit performing preflight inspections, everyone would have agreed that they were crazy. Yet that’s essentially what the finance lobby has done over the past decade, and in some weird way we were too mesmerized to recognize it. Within months of a near catastrophe caused by one of the industry’s brightest stars, the lobbyists were busily making certain that it would happen again—and that when it did happen, it would be bigger and more disastrous than ever.
If you read Drum’s article you’ll experience tingles of recognition from your own life as you realize how severely the working taxpayers have been short-changed over the last three decades.
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