Tag: economic elites

Iceberg? What Iceberg? Oh . . . That One . . .

In a Bill Moyers interview with Simon Johnson, former chief economist of the IMF and now a Professor of Global Economics and Management at MIT’s Sloan School of Management, Johnson expressed a pessimistic view of those empowered to lead us out of this economic crisis.  

Jane Hamsher at FDL explains:

Johnson isn’t for “nationalization” per se, he’s for “scaled up FDIC intervention,” breaking down the “oligarchy” by pitting one faction against the other.  Based on his analysis of who is holding the financial keys at the moment, he fundamentally believes that the people in charge of determining the outcome of the situation have a vested interest in not standing up to the banking interests and doing the things that need to be done.  And that is not a comforting thought.

No.  It’s not a comforting thought.  There’s no comfort in knowing that Captain Geithner seems intent upon ramming into the same iceberg Captain Paulson rammed into, there’s no comfort in knowing only the elites will get to board the lifeboats, there’s no comfort in being trapped below decks in steerage class while all of this iceberg ramming is going on.