Finance Capitalism

By Paul Krugman, The New York Times

19 July 12

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ne more point about this whole business of �attacking capitalism�: to the extent that Obama is attacking anything other than Mitt Romney, he�s questioning a system in which the financial sector has grown to an unprecedented share of the economy (pdf):

So we�re hearing a lot of people - including some alleged progressives - declaring that you can�t criticize the way we�ve run our economy for the past 30 years. Why not? The metastasizing finance sector eventually led us into the worst economic catastrophe since the Great Depression; that seems reason enough to question the model.

And bear in mind that Mitt Romney has pledged to repeal financial reform. It seems to me that in the wake of the global financial crisis, that - not Obama�s very mild reformism - is the radical position.