SImon Johnson: 'Special Interests Typically Win Out'

SImon Johnson: 'Special Interests Typically Win Out'
NEW YORK, NY - JULY 13: A policeman stands outside JPMorgan Chase bank on Park Avenue in midtown Manhattan on July 13, 2012 in New York City. The bank, which reported its second-quarter results on Friday, disclosed that the losses on a credit bet could mount to more than $7 billion, as the nation’s largest bank indicated that traders may have intentionally tried to conceal the extent of the loss. JPMorgan also said Friday that it would be forced to restate its first-quarter results. (Photo by John Moore/Getty Images)
NEW YORK, NY - JULY 13: A policeman stands outside JPMorgan Chase bank on Park Avenue in midtown Manhattan on July 13, 2012 in New York City. The bank, which reported its second-quarter results on Friday, disclosed that the losses on a credit bet could mount to more than $7 billion, as the nation’s largest bank indicated that traders may have intentionally tried to conceal the extent of the loss. JPMorgan also said Friday that it would be forced to restate its first-quarter results. (Photo by John Moore/Getty Images)

Economic policy is always torn between helping the broader social interest - lots of ordinary people - and favoring particular special interests. Unfortunately, special interests typically win out in the kind of situation we have in America in 2012, when it's all about spending money to win friends and influence people.

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