Saturday, April 4, 2009

Masters of The Universe, Or at Least of The US

According to Simon Johnson, former economist at the IMF, our current financial crisis sounds distressingly familiar to problems he handled with smaller countries. Powerful elites from both Washington and Wall Street have over reached during good times and now they need to drastically change their ways. So far both the Bush and Obama administrations have provided cover rather than forcing change because the financial sector has grown too powerful.

Since facing reality does not appear likely any time soon, he fears a depression deeper than The Great Depression looms on the horizon. The Atlantic carries his sober assessment of our problems. Read it if you dare.

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