[quote=“Wall Street Capitalism”]At Blinder’s revelation, Clinton’s face turned red with anger and disbelief. “You mean to tell me that the success of the program and my reelection hinges on the Federal Reserve and a bunch of fucking bond traders?” The others at the meeting now agreed that that was indeed the case (with expletives deleted)! At that defining moment, Clinton perceived just how much of his fate was passing into the hands of the unelected Alan Greenspan and “the bond market”.
I wonder: given the severity of the current crisis, the vast sums required for the bailout, and the re-regulation that’s sure to follow, how much of a power shift are we likely to see? Assuming gov’ts are able to revoke the veto finance has held, the repercussions could be extremely far-reaching.