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Simon Johnson

‘The Bankers Think We’re Chumps’

President Barack Obama’s financial stimulus package does nothing to change one fundamental problem with the current economic crisis: It fails to hold accountable the greedy bankers who caused the financial meltdown in the first place.

As former chief economist for the IMF, MIT professor Simon Johnson told Bill Moyers on the February 15 edition of Bill Moyers Journal, “The structure [of our] banking system, the concentration of power in big financial institutions has to change.”

But Obama’s plan, which at best will put a band-aid on the crisis, does not hold bankers accountable, and does not do anything to really curtail exhorbitant executive bonuses. The cartoon below demonstrates the point well. It’s a dream to believe that the avaricious oligarchs in the banking system will repay the American taxpayer once the economy rebounds and the finanical system is stable.

They are playing us for chumps.

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© Nadir Omowale