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Monday, December 5, 2011

Ezra Klein - Does Wall Street control the government?

Ezra Klein - Does Wall Street control the government?: Does Wall Street control the government?

Tyler Cowen offers some interesting thoughts on whether the financial sector dominates the U.S. government:

Perhaps the strongest piece of evidence for the financial sector dominance of U.S. political economy is the recent bailouts. Yet it's instructive to ask which other groups have received bailouts in the last fifteen years. The list would include Mexico and the numerous countries which have borrowed from the largely U.S.-created International Monetary Fund, such as Indonesia. They are hardly dominant forces of influence in Washington. It was China who made out like a bandit from the bailout of the mortgage agencies, and the validation of their debt issues, but again the Chinese are not in charge.

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