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View Diary: Chronicles of the Parasites: (8 comments)

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  •  Few chances to overcome finance lobbying power (0+ / 0-)

    In view of this:

    modern finance is simply too powerful in its lobbying before legislatures and regulators for it to be possible to restrain its ability to create systemic macroeconomic risk
    it is tempting to wonder if a Tea Party-induced 2013 financial crash, when public memories are still raw from the bailout of financial industry from the 2008-9 crash, might not enable a second bite at the apple of cutting the industry down to size through attaching tougher conditions to the second bailout.

    This possibility is precisely why, in my view, the financial industry will offer Boehner and/or other players whatever inducements are necessary to get the debt ceiling raised, and to avoid other triggers of another major collapse of confidence in the financial industry.

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