Science Report | Biology News, Economics News, Computer Science News, Mathematics News, Physics News, Psychology News
Against Monopoly
The power of big business was once again illustrated in several stories this week. Two stood out. The first reported the ability of the three big banks to talk to the Secretary of Treasury in the midst of the financial crisis link here. Another was their ability to ignore public opinion and do little or nothing when pressed by the Congress to modify mortgages to help out beleaguered home owners avoid foreclosure or to meliorate the financial crisis. One respondent was Congresswoman Marcy Kaptur (D-OH) and the other was economist Simon Johnson link here. The bottom line of that story was that the moment to reform our financial system had past and now would not happen. The banks were making money and were happy with things as they are. To paraphrase the words of Rahm Emanuel, the good, the crisis had been wasted.