Wednesday, January 20, 2010

Michael Hudson on Wall Street's Power Grab

I am a great fan of Michael Hudson's work. He is an established economist. Most recently, he was hired by the government of Iceland to help them deal with the aftermath of their financial meltdown. Anything he writes is worth reading, from my opinion:

Here is an excerpt from his essay:

"I think the Wall Street boys are playing possum. Why should we expect them to explain their strategy to us? To understand their game plan, the Commissioners had to wait for the second day of the hearings, when Sheila Bair of the Federal Deposit Insurance Corp. (FDIC) spelled it out. Their first order of business is to make sure that the Federal Reserve Board is designated the sole financial regulator, knocking out any more activist regulators – above all the proposed Consumer Financial Products Agency that Harvard Professor Elizabeth Warren has helped design. Wall Street also is seeking to avert any thought of restoring the Glass-Steagall Act in an attempt to protect the economy from having merged retail commercial banking with wholesale investment banking, insurance, real estate brokerage and kindred arms of high finance..."

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