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Financial Regulation and Regulatory Capture [This American Life]

ProfsProfs Registered User regular
I'm not particularly great at big intro posts, but this just dropped today and I think know this deserves to be seen, discussed, and acted on.

This Am Life isn't news to people, but their story (which they put out early today) is a pretty damning indictment, with smoking gun in hand, of exactly how ineffective and unintentionally corrupt we all suspected the financial institutions are in this country, specifically in relation to the biggest villain of all: who else but Goldman Sachs. Take a bow you slimy fucks.

Here's the link: thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra#play

Segarra's a damn hero, and its depressing to see the Kafka-esque monolith citizens are up against in this fight. I think this piece really validates people like Russ Roberts who preach all the time about the dangers of regulatory capture in the financial sector. More than anything, this simply highlights how incredibly fallible people are at all levels, and the ease with which deference to authority comes to people. Coupled with the highlighting of corruption in sports and policing in recent months, I think there's also a strong cultural indictment here precisely about America's attitude towards whistle blowers and others who speak up against entrenched authorities.

I would love to see a politician with the balls to stand up and run on this issue. Regardless of political affiliation, that person would get my vote.

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