Burying the Lede

Yves Smith of Naked Capitalism was called in, along with a number of other prominent financial bloggers to a meeting with Treasury Department officials.

Aside from the, not particularly earth shattering observation that the bloggers and the T-men talked past each other, and this was the general sense of the bloggers there, Ms. Smith makes the most notably observation far down in her post:

My bottom line is that the people we met are very cognitively captured, assuming one can take their remarks at face value. Although they kept stressing all the things that had changed or they were planning to change, the polite pushback from pretty all the attendees was that what Treasury thought of as major progress was insufficient. It was instructive to observe that Tyler Cowen [he's a relatively sane Libertarian economist], who is on the other side of the ideological page from yours truly, had pretty much the same concerns as your humble blogger does.

(emphasis mine)

The people running the Treasury Department have been thoroughly captured by Wall Street.

To my mind, this has gone well beyond a cultural problem, and straight into outright corruption.

This needs to change.