ping another article by the way about the fed juicing stocks is here
Is the Fed Juicing the Stock Market?
http://www.globalresearch.ca/index.php?context=va&aid=16748
Economic Recovery and the Coming Collapse pdf file
This morning at the American Economic Association meeting in Atlanta, Simon Johnson participated in a panel discussion, “Global Financial Crises: Past, Present, and Future,” with Allen Sinai (the organizer), Mike Intriligator, and Joe Stiglitz.
Among the points Johnson made:
1.The most serious problem we face is that 6 banks in the U.S. are now undeniably (in their own minds) Too Big To Fail.
2.What is going on is not standard regulatory capture, but the U.S. is now an advanced Oligopoly.
3. Banks have put money into buying intellectual influence.
4. There has been “false” financial innovation.
5. Europe is less captured by finance (Except Britain and Switzerland) .
The slide presentation that went along with Johnson’s remarks is here. It is fascinating in its observations and a must read.