Post #4022378

RE: https://kind.social/@dtod/116964155536199112 this: "America's load-bearing private institutions – like the Big Four accounting firms and the bond rating agencies – have self-immolated, thanks to decades of lax regulation by successive US administrations through scandal after scandal. Quiggin points out that there's no reason to replace these giant, structurally important (but terrifyingly unreliable) cartels with trustworthy versions. It's cheaper and more robust to rebuild our economy so that it no longer serves the finance system, returning finance to "its pre-1970s role as a provider of a relatively limited set of services to the real economy.""