Wall Street's influence stems not just from money but from a near-monopoly on financial expertise—possibly greater than its true expertise justifies—so when policymakers like Paulson consult Blankfein or Dimon during critical periods, they receive not objective truth but truth filtered through and shaped to fit those firms' interests.

causalpending

Speaker

Daron Acemoglu

Evidence Quote

what he's getting of course is not the objective truth but the truth... filtered... so that it actually fits the interests of their company

Source

Daron Acemoglu on Inequality and the Financial Crisis 02/21/2011EconTalk
Created: 6/16/2026, 2:36:28 PM

My Notes

Loading notes...