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Wall Street's Stranglehold on Our Democracy Must Be Broken

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  • Progressive economist Simon Johnson talks about the fight to reform Wall Street, what Robert Rubin should do with his money, and why Jamie Dimon is the most dangerous man in America.
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  • Business buys itself a new government
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Zach Carter and Simon JohnsonAlterNet

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Simon Johnson

Zach Carter: Your push to break up the largest banks into smaller banks that can actually fail without wreaking havoc on the economy has been very well-received by progressives. But historically, the IMF and the Federal Reserve are not exactly hotbeds of progressive thought. How did you and Paul Volcker become the vanguard of the economic left?

Simon Johnson: The ideas that we're advancing both in Baseline Scenario and in the book should appeal to people on the right, the center and the left. There's an article by Arnold Kling that we wrote about on Baseline Scenario. He's a libertarian, which I am not, but he's come around to our way of thinking about the banks. If you think about it from the right, our financial system is just monstrously unfair. It's not in any way a market economy to have these banks who are so big that the government can't let them fail. They have funding advantages over other banks, and those advantages only encourage them to get bigger. That's just not reasonable.

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Related:

Business buys itself a new government, Nick Coleman, Minneapolis Star Tribune | MN

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  • Corporate donors, newly emboldened by a court ruling, played dirty and won.
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  • So that's what a $4 billion campaign looks like!
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