Financialization: Tackling the Other Virus

Naked Capitalism has the post Financialization: Tackling the Other Virus.

Financialization has involved reorganizing finance, the economy, and even aspects of society, to enable investors to get more from financial market investments, effectively undermining sustainable growth, full employment and fairer wealth distribution.

Most people seem to have no idea of the pernicious effects of this virus. For years, I have been trying to raise awareness with my blog where you are reading this post now.

Some people don’t know that our former Governor, Mitt Romney, made his fortune as a vulture capitalist, which is my word for some practitioners of financialization. Even our erstwhile former progressive Governor, Deval Patrick, could not resist the lure of vulture capitalism when he left office. Patrick now works for Bain Capital where Mitt Romney made his fortune.

I suspect that former President Barack Obama is making money this way. The fact that Obama and his Attorney General, Eric Holder, refused to prosecute the worst crimes of financialization is now being well rewarded.

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