As the US economy continues to struggle, it turns out that what was good for Wall Street wasn't good for the country after all. We talk with a former chief economist for the International Monetary Fund who says America's "financial oligarchs” stand in the way of economic recovery. Also, Chicago's Sun-Times files for Chapter 11, and the President goes abroad and the whole White House goes with him—including the cooks.
FROM THIS EPISODE
Chicago's major newspaper, the Chicago Tribune, declared bankruptcy some months ago. Now, the second city's second paper, the Sun-Times, has filed for Chapter 11. Michael Smith is Professor of Journalism and Executive Director of the Media Management Center at Northwestern University's Medill School.
Michael P. Smith, Northwestern University
An article in the Atlantic magazine is drawing a lot of attention from Wall Street to Washington. It's about cozy relations between financial and political institutions that make the US look like Argentina, Russia, Indonesia and other “emerging markets.” A former chief economist for the International Monetary Fund says Democrats and Republicans have enabled “financial oligarchs” to accumulate too much political power, so much that they can resist the reforms needed for economic recovery. Is it time for the government to wake up to reality?
Simon Johnson, Massachusetts Institute of Technology (@baselinescene)
Desmond Lachman, former Deputy Director of the Policy and Review, International Monetary Fund
Thomas Ferguson, Professor of Political Science, University of Massachusetts
Michael Mandel, Editor in Chief, Visible Economy
President Obama is traveling abroad with an entourage of no less than 500 people, not to mention a fleet of decoy helicopters and a limousine called “The Beast.” When the President goes abroad, the White House goes with him, including a team from the kitchen to prepare his food — even in London. Paul Harris is US correspondent for The Observer and author of a novel, out this week, The Secret Keeper.
Paul Harris, US Correspondent, The Observer