Originally posted by concertpianist:
a better term is financial oligarchy.
They through people like the chicago school of economists propagandised the 'light regulation' and sold the story of financial oligarchy as public democracy to politicians and along with massive political donations [Fannie and Freddie gave massive poltican donations and their books remained un audited for 5 years] they got their way.
Financial Oligarchs are international and there are several subsets within them. This small group have 80% of the wealth in the usa and probably similar elsewhere.
we have read oligarchs have lost 280+ billions in the last few weeks so they are no as rich as they were.
can they be removed? probably not. like organised crime will never be removed.
As financial experts they will always be ahead of the game of regulation.
i would be more impressed with the socialists if they named and shamed specifics based on evidence than just wild handsweeping and gesticulating? But i bet they couldn't name 20 oligarchs and their connections in the uk.
but then if they were rational they wouldn't be revolutionary socialists