This is basically where I am:
But look: this is all just nitpicky bullshit. Taibbi’s piece is basically about how the finance industry owns Congress and the Obama administration, and that’s basically true. In fact, I have a piece coming out in a week or so in the print magazine that makes pretty much the same point. My approach is different, and my language is all PG-rated, but my conclusions are pretty much the same. The finance industry, through both standard lobbying and what Simon Johnson calls “intellectual capture,” has, over the decades since Reagan was elected, convinced nearly everyone that what’s good for Wall Street is good for America, and that what’s bad for Wall Street would be catastrophic for America. Everything else follows from that.
So, sure, I think Taibbi overstates Rubin’s influence and thereby understates the real systemic problem here, but hey — it’s his article, not mine. Generally speaking, he gets his facts right and he gets the big picture right: Obama’s team is nearly as dedicated to the economic status quo as Republicans are. Ditto for many — though not all — Democrats in Congress.
I think that is a pretty fair assessment.