Bill Moyers' Journal features an exhilarating conversation with scholars Simon Johnson and Michael Perino on the economic crisis.
The conventional wisdom is that the financial chimeras, like CitiBank, Bank of America, and AIG, who are targets of popular outrage, receiving massive government bailouts (to prevent a depression and promote a recovery), comprise too-big-to-fail entities. If they go down, we all go down.
"The guys who remain are more powerful, okay? And their position is, 'Look, if you want a recovery, if you want get your economy back, you've got to be nice to us,'" said Johnson.
Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship at MIT's Sloan School of Management, and Perino is the Dean George W. Matheson Professor of Law at St. John's University School of Law in New York.
Johnson blogs with James Kwak on The Hearing at the Washington Post.
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