it's our government deciding to assemble a cooperative ruling coalition - which includes banks -- at the heart of its fiscal core. It's our government deciding who belongs to this coalition and who does not, mostly for reasons of political expediency and also a perception - correct or not -- of what is best for the welfare of American voters....
Ask yourself the simple question: who has both the guns and the money, including the ability to print new money at zero cost? It's Washington, not the private banks.
It's easy, and probably wrong, to simply dismiss such a notion as too conspiratorial. As luck would have it, on the same day I read Cowen's post, my google reader also included blogger Matthew Yglesias discussing the modest profit margin of Wal Mart.
Yglesias compared the profits of Wal Mart to other industries, produced a chart of the comparison and came to this conclusion:
Maybe Cowen's on to something here.
Wal-Mart’s total profits are enormous because the company is so large. But mass-market retail is not a high-margin line of business ...At any rate, looking at this chart I think it’s hard to avoid the conclusion that Wal-Mart is the last thing we should be worried about. The worrying trend is the domination of the corporate landscape by super-profitable firms in the heavily regulated energy, banking, and telecom sectors.