Atlantic, a monthly magazine, has a fascinating article this month in which they compare U.S. economic behavior over the last few years to the behavior of emerging markets. The basic premise is that the Wall Street elite have taken control of the government in much the same way that economic oligarchies in emerging markets control their governments. In the article the key question for the future of the U.S. economy is whether the government has the resolve to break the control of Wall Street over the economy.
The author of the story is Simon Johnson, the former chief economist at the IMF, which makes the analysis and the proposed solution more meaningful. I am not prepared to agree that Wall Street controls the U.S. economy, but the article is well worth reading.
Note: I found the story through a post by Umair Haique at HarvardBusiness.org.