Thursday, May 7, 2009

Simon Johnson Comments on Stress Test; The Return of Eliot Spitzer

A few videos from CNBC this morning

First we have Simon Johnson [Apr 21: Simon Johnson on Yahoo Tech Ticker] of Baseline Scenario blog and more importantly former IMF chief economist. For newer readers I will continue to pimp this article as a must read (and must pass along to your non financial neighbors and friends)

The Atlantic: The Quiet Coup (link here)

The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

Here is a 6 minute video with his take of the "stress" tests, and the continued comparisons of the U.S. elite with 3rd world country power grabs. I do love his comment "I pretty much consider Goldman Sachs another branch of government" - it is GREAT to see well respected folks speak the truth. Not that it will change a darn thing...

Second, lo and behold - look who has stayed in shadows for a year and is makin' a comeback; none other than Eliot Spitzer. I actually loved what Mr. Spitzer did to unearth some of the dirty laundry on The Street back in the day but indeed he did make it personal at times which rubbed some people very much the wrong way. It is too bad he did not just stay in that role and continue digging but his ambition was too high... he has some interesting comments in these videos which actually mimic things we've been saying on the website for nearly 2 years now. Unfortunately you have to put up with the insufferable Arianna Huffington from time to time.

10 minutes

8 minutes

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