Submitted by Charles Hugh-Smith of OfTwoMinds blog,
Expecting the state to truly reform the nation's engines of financialization is like asking the cocaine addict married to the wealthy dealer to divorce the dealer.
Most observers think they know why the government (i.e. the state) has failed to truly reform the financial system: corrupt politicos on the receiving end of the Too Big to Fail (TBTF) banks and financiers' millions of dollars in lobbying and campaign contributions do the banks' bidding.
This is why socio-economist Immanuel Wallerstein characterizes our finance-dependent version of capitalism as “a particular historical configuration of markets and state structures where private economic gain by almost any means is the paramount goal and measure of success.”