GOP’s goal is to ‘prevent governability,’ renowned scholar tells Raw Story
The nature of the current recession has made it clear to most Americans that a new wave of financial reforms is necessary to prevent another crash. MIT professor Noam Chomsky alleged that the Democratic establishment’s reluctance to reestablish post-Depression type regulations is reflective of the systemic constraints on policy in America’s “dysfunctional democracy.”
Chomsky, who has written many books detailing the perils of corporate influence in politics, said in an interview that the president and his party are hamstrung by fears that banks will punish them if they implement policies that do not satisfy the industry’s desires.
President Obama “is delivering, but for the financial institutions,” he told Raw Story, “Which isn’t a big surprise – that was the core of his funding. They preferred him to McCain, in fact by a considerable margin. They expected a payoff, and they got a payoff.”
The Obama administration last month walked into a public relations debacle after the president told Bloomberg News in an interview that he doesn’t “begrudge” banking executives making large bonuses for their “savvy” skills.
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