For people who like scary stories
Gather 'round, kids, 'cause Kevin Drum has a tale to tell:
This is a story about politics. It's about how Congress and the president and the Federal Reserve were persuaded to let all this happen in the first place. In other words, it's about the finance lobby -- the people who, as Sen. Dick Durbin (D-Ill.) put it last April, even after nearly destroying the world are "still the most powerful lobby on Capitol Hill. And they frankly own the place."
But it's also about something even bigger. It's about the way that lobby -- with the eager support of a resurgent conservative movement and a handful of powerful backers -- was able to fundamentally change the way we think about the world. Call it a virus. Call it a meme. Call it the power of a big idea. Whatever you call it, for three decades they had us convinced that the success of the financial sector should be measured not by how well it provides financial services to actual consumers and corporations, but by how effectively financial firms make money for themselves. It sounds crazy when you put it that way, but stripped to its bones, that's what they pulled off.
Sounds spooky, huh? It gets worse.
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