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Meanwhile, on the Daley Appointment

Prof. Simon Johnson (Baseline Scenario, Thirteen Bankers), who probably knows as much about systemic economic failures as any economist, weighs in:

If the country’s most distinguished nuclear scientists told you, clearly and very publicly, that they now realize a leading reactor design is very dangerous, would you and your politicians stop to listen?  Yet our political leadership brush aside concerns about the way big banks operate.  Why?

[…]

Until this week, Bill Daley was on the top operating committee at JP Morgan Chase. […] Bill Daley now controls how information is presented to and decisions are made by the president.  Daley’s former boss, Jamie Dimon, is the most dangerous banker in America – presumably he now gets even greater access to the Oval Office.  Daley is on the record as opposing strong consumer protection for financial products; Elizabeth Warren faces an even steeper uphill battle.  Important regulatory appointments, such as the succession to Sheila Bair at the FDIC, are less likely to go to sensible people.  And in all our interactions with other countries, for example around the G20 but also on a bilateral basis, we will pursue the resolutely pro-big finance views of the second Clinton administration.

(Text re-ordered for emphasis.)

Politics as usual goes on.

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