He calls it Politics, I call it the Financial Oligarchy

Tyler Cowen writes an general op-ed on how Poliics now runs the financial sector in Where Politics Don’t Belong:

President Dwight D. Eisenhower warned of the birth of a military-industrial complex. Today we have a financial-regulatory complex, and it has meant a consolidation of power and privilege. We’ve created a class of politically protected “too big to fail” institutions, and the current proposals for regulatory reform further cement this notion. Even more worrying, with so many explicit and implicit financial guarantees, we are courting a bigger financial crisis the next time something major goes wrong.

I call this the financial oligarchy or multinational corporations took over Washington D.C.

Cowen also notes the lastest deals with big business have turned off many who are in favor of health care reform.

But the best thing to look at is this interactive graphic showing how the too big to fail financial institutions, just got a whole lot bigger, and all due to our government helping them to do it.

Please play this graphic for it's a stunning visualization on how the financial oligarchy just played America for fools.

I also want to point to this post on deregulation and how interesting it is the MSM now has a series of similar articles on the topic, after this was written. Possibly an example of if you want to influence the the public discourse and put focus on the issue at hand, you might consider adding your two bits into great Internet bytes of consciousness stream.

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Tyler Cowen - NOT to the rescue!

Tyler Cowen is always present to muddy the waters, that would be Tyler "let the market discipline decide" Cowen.

I would take issue with his misdirection in this case, and say a "financial-regulatory complex" is the last thing we have, and nothing has been "politicized" - instead the banksters have fully taken over.

Since at least WWII, if not prior, we have had predominant control by a "Financial-Intelligence Complex" as shown by the creation of the intelligence establishment by Wall Streeters, and the constant back-and-forth positioning and repositioning by the Wall Streeters at the intel agencies and various oversight panels, etc.

Now, with the majority privatization of the principal intel agencies (CIA, NSA, DIA, CIFA at the Pentagon, etc., etc.) it is extremely difficult to understand what's going on as it used to be much easier to follow.

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good observation

I noticed that too, the message was presented almost as some sort of spin to imply somehow "free markets" with "no government intervention" was the answer...
so why I put into the title, "financial oligarchy".

It's kind of like he's recognizing the reality of what has just happened yet can't pull out of some sort of economic religious views that "free markets" sans regulation will somehow rescue the day.

Still, some nice facts and quotes.

But the real thing I wanted to show was that New York Times interactive graphic.

Just watch it and look at the timeline....unfortunately they put that graphic with this op-ed, when it would have gone very nicely with something from Naomi Klein! (Disaster Capitalism).

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Judge in BofA/Merrill Lynch case is Standing up

to the financial oligarchy.

Judge Rakoff Rejects Bank of America-Merrill Settlement Orders Trial

It seems the judge didn't like that fact that shareholders would be paying for the "crimes" of the executives.

Way to go Judge!

RebelCapitalist.com - Financial Information for the Rest of Us.

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bankruptcy judges also

Usually a bankruptcy is a "straight shot" hearing and review but they are getting royally pissed because it's clear banks gave mortgage holders the major run-around, brush off and are also doing it to the bankruptcy court...
and they are now starting cite the banks. I hope they nail them because usually an individual ends up in bankruptcy court, creditors don't even appear...it's all on that individual, so this is a good sign they are looking at the creditors and demanding them appear, submit their supporting documents.

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