Quoting the Crisis22/09/2009
“ The intellectual capture of Washington by Wall Street was well underway in May 2007; it is now complete. This is why the banking barons felt no need to show up and show respect for the President on Monday. They have so many of their people (mindset-wise) placed throughout the administration, and the principle of revolving between Wall Street and Washington so well established, that they know: If they ever need another massive bailout, the people standing behind this or any future President will say there is no alternative. That’s why Peter and I also call for a 5 year gap between holding a responsible position on Wall Street and a top job in Washington, and vice versa. Stop with the political appointment of regulatory “doves” and end the notion that you can go directly from a failing bank to directing efforts to rescue such banks. „
Simon Johnson in Protect Consumers, Raise Capital, And Jam The Revolving Wall St-Washington Door « The Baseline Scenario
Quote posted at 21:09
