I share this conclusion with the American Marxist Leo Panitch...
Marxist theorist Leo Panitch argues that the role of nation state in the development of global capitalism has been overlooked. He picks out key moments, outlined in his new book The Making of Global Capitalism: The Political Economy of American Empire that demonstrate the intimate relationship between modern capitalism and the American state.
The issue is not about big government or small government, but who gets the most out of government. So, when you hear the Wall Street types going on and on about decreasing the size of government, know that they mean decreasing the size of government that services public rather than private interests.
As more and more Americans realize this fact, the louder and louder will be the call for a break between government and Wall Street.
The best way to make sure that the next secretary of the Treasury is not overly beholden to Wall Street might be to hire a woman.
There are several female candidates in the running to take over the job expected to be vacated fairly soon by Tim Geithner. The selection of any one of them would break up one of the last remaining all-boys clubs in the top echelons of the federal government.
It could also break the financial services industry's extraordinary hold on fiscal policy....
Very few women have gotten anywhere close to positions of leadership in the largest U.S. bank and securities firms. When it comes to Wall Street, "women are by nature outsiders," said Mark Thoma, a University of Oregon economist and blogger. "Not by their nature," he noted — but because of how Wall Street currently works.
Indeed, the only reason why you find this talk about cutting the deficit everywhere you go is because of Wall Street.
In the current environment, Wall Street's clout is so great that it controls the political discourse in Washington. Why else, asked Stephanie Kelton, an economics professor at University of Missouri-Kansas City, would we be talking about deficit reduction rather than economic growth right now?
Her answer is that the contraction of Social Security would serve Wall Street's interests by driving more retirement money into private accounts, so for them it's the top priority.