America The Banana Republic

March 27th, 2009at 06:54am Posted by Eli

Simon Johnson has a long but excellent piece in the Atlantic, talking about America’s economic situation from an IMF perspective.

To sum up, the US fell into the same lazy trap that typically characterizes emerging-market countries – namely, allowing the corporate/financial sector to capture the government to give themselves permission for risky, reckless behavior that imperils the economy, and to block the substantive reforms needed when their gambles all go to hell.

It’s great stuff, and you should read the whole thing.  I expect that kind of narrow-minded stupidity from Republicans, but it’s beyond disappointing when a Democrat lets the same corporations-must-always-win ethos guide his recovery plan, when the surest path to recovery is to let some corporations lose.

Entry Filed under: Corruption/Cronyism,Economy,Elections,Politics


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