Quote of the Week: Financial Oligarchy Edition

Chris Hayes dropping truth bombs on MSNBC:

The culture of Washington is totally and completely corrupt and that the country is ruled and I know this sounds radical, but true—by a very intense financial oligarchy that basically has purchased on both parties.

I mean, what you see here—and I don‘t want to downplay the import of the derivatives bill that passed out of the committee and financial regulation, some of the measures of which are quite strong and built because of this public anger. But the fact of the matter is, drawing these lines between who‘s on one side of Wall Street and who isn‘t, every single one of these members is talking to people from Wall Street every day and raising money from them and having them whisper in their ear. And over the years, we have seen finance metastasize so that it‘s 40 percent or 50 percent of corporate profits and funneling that money back into purchasing the ascent of elected representatives in a way that brought us to this crisis point.

So, we can make technical fixes to regulation. What we have to do is break that political economic power of the banks. And that I don‘t see on the horizon.”

One Comment

  1. IMO, this Fin Reg is nothing but a tweak of the system, the BS remains and we will go down this road again….is it a start? Only if you are optimistic……even if it passes as is are in power it will get diluted….