PLEDGE NOW
Are the Banks Running America?
Bank of America Chief Executive Officer Kenneth Lewis, right, leads the way as chief executives leave the White House in Washington, Friday, March 27, 2009, after a meeting between chief executives and President Barack Obama. From left are: Wells Fargo Chief Executive Officer John Stumpf; Morgan Stanley Chief Executive John Mack; US Bank Chief Executive Officer Richard Davis; and Lewis.(AP Photo/Ron Edmonds)

Chief executives of major U.S. banks leave the White House on Friday, March 27, 2009, after a meeting with President Barack Obama. From left: Wells Fargo CEO John Stumpf; Morgan Stanley CEO John Mack; US Bank CEO Richard Davis; and Bank of America CEO Kenneth Lewis. (AP)

Simon Johnson is raising hell over our response to the economic crisis so far. The former chief economist at the IMF says it’s been half-measures and soft steps and hasn’t gone nearly far enough to break up failed banks and knock back the Wall Street lords of finance.

The reason, he says, is that a financial elite has quietly taken over this country and its assumptions — sewn up power, he charges, as surely as in any banana republic — and barred the way to real change.

These are hot words from a top scholar and economist.

This hour, On Point: Simon Johnson on where we stand now in the economic crisis, and why.

You can join the conversation. Does Johnson’s analysis sound over-the-top to you? Just right? Are we taking the right steps to reset the American economy? Does the U.S. really deserve the label “banana republic”?

Guest:

Joining us from Washington is Simon Johnson, professor at MIT’s Sloan School of Management. Former chief economist at the International Monetary Fund, he’s now a senior fellow at the Peterson Institute for International Economics. His new article in The Atlantic, “The Quiet Coup,” argues that “the finance industry has effectively captured our government — a state of affairs that more typically describes emerging markets.” He co-founded the widely read blog The Baseline Scenario, where you can read his latest commentary.

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 24, 2016
U.S. President Barack Obama meets with Vietnamese Communist party secretary general Nguyen Phu Trong at the Central Office of the Communist Party of Vietnam in Hanoi, Vietnam, Monday, May 23, 2016. (AP Photo/Carolyn Kaster)

Obama’s in Vietnam and Japan. The G7, Hiroshima and his pivot to Asia are all on the table. We look at the big picture. Plus, President Obama’s visit to Hiroshima.

May 24, 2016
Activist and author Gloria Steinem. (Carly Romeo / Courtesy Gloria Steinem)

Feminist icon Gloria Steinem explores how violence against women drives global instability in her new show, “Woman.” She’s with us.

RECENT
SHOWS
May 23, 2016
Robin Wright, right, attending the Emmy Awards in 2015 with Kevin Spacey. The pair star in "House of Cards" on Netflix. Wright recently shared that she fought to have an equal salary as Spacey. (Alex Berliner/Invision for the Television Academy/AP)

The pay gap between men and women is much greater in white-collar than blue-collar jobs. We’ll look at why, and what should be done about it.

 
May 23, 2016
A long line of travelers wait for the TSA security check point at O'Hare International airport in Chicago. Some major airports are currently seeing wait times exceeding 90 minutes at peak hours. (Teresa Crawford/AP)

The latest on the EgyptAir crash, and the latest on the TSA and security in the United States.

On Point Blog
On Point Blog
‘Best Of’ 2016 Commencement Speeches
Monday, May 16, 2016

Excerpts from a few of the best commencement speeches delivered to the graduating class of 2016.

More »
Comment
 
Caller: Trump is a ‘Yankee moron,’ but I support him
Tuesday, May 10, 2016

“I’m a working man. I’ve worked 13, 14 hours every day. I got two jobs. I got three kids. I got a wife. You know, I’m not a misogynist.”

More »
Comment
 
Devoured: We Are What (And How) We Eat
Tuesday, May 3, 2016

From chicken wings to kale smoothies, we look at what we eat, and how challenging it is to eat well in America.

More »
Comment