The Wall Street-Treasury complex, revisited: M. Thirlwell

www.lowyinterpreter.org Reported here by: SPMG, 21 April 2009

There’s been a fair bit of discussion as to whether a useful way to think about the current economic and financial crisis is in terms of emerging market crises… Simon Johnson, former chief economist at the IMF, has suggested the US resembles a crisis-prone emerging market in another way: the presence of a powerful elite or oligarchy that effectively captures the government and then proceeds to overreach in good times and take too many risks in the expectation that the government will bail it out if things go wrong.