Simon Johnson on Wall Street's Influence Over Washington

March 30, 2009
David Shuster talks to former IMF chief economist Simon Johnson about whether the United States could be headed for another great depression. After getting tough with the auto industry they discuss why Wall Street is not getting the same treatment. They also discuss Simon Johnson's article at The Atlantic The Quiet Coup. From the article:

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 IMFs 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, were running out of time.