Succinct, thorough explanation of economic crisis & why Obama can't & won't reform the system.

If you want a succinct explanation of why the economy went south and why Obama's hands are tied to do anything about the outrageous unemployment levels in this country, I encourage you to watch this interview with Yves Smith, who is the brilliant, no-bullshit brains behind the blog Naked Capitalism.

The interview, which appeared on the Canada-based Business News Network, and which begins at about the 5:00 minute mark of the linked segment, also provides insight into the facilitating role performed by mainstream economists since as early as 1980, in inventing, espousing and legitimating the phony, casuistic, and rhetorically scientistic rationale for pursuing economic policies that precipitated the crisis.

She furthermore comes right out and says it: the Obama Administration can't and won't reform our broken financial system because it is beholden to Wall Street. According to Ms. Smith, Obama received more campaign funding from the financial services industry than any previous presidential candidate (adjusted for inflation, etc., presumably).

Obama's financial advisers are, as we all know, the same dudes who escalated the crisis in the first place. They also were among the 'experts' to give the guilty policies their gloss of scientism. But it doesn't really matter who they are, because no 'expert' -- no matter how glossy his gloss, no matter how dizzyingly rational-seeming and science-evoking his numbers and graphs -- can match the heft and gravitas of the thunderous basso profundo of the Almighty American Dollar.

Ms. Smith has written a book that looks interesting -- I mean, considering that it's economics and everything -- called, Econned: How Unenlightened Self Interest Damaged Democracy and Corrupted Capitalism. She's smart, and we like her here at Crib From This.