System failure (3)

Paul Krugman writes that the U.S. Republican party is committed to a bankrupt ideology. But, Frank Rich notes, the failure goes deeper than the relationship of just one political party to the financial industry.

Those at the top are separated from the consequences of their actions. They are exemplified by Robert Rubin, formerly of Citigroup and a mentor to both Obama’s Treasury secretary and chief economic adviser. He looked the other way when his bank made ruinous high-risk bets, and then cashed out and split, leaving taxpayers to pay for the wreckage while he escaped any accountability.

According to the Center for Responsive Politics, the financial industry has spent $344 million on lobbying in the first three quarters of 2009.