"The merger of state and corporate powers, let’s calls a spade a spade. It’s fascism.”
Deregulation and bailouts favor the country’s largest corporations, at the expense of small business, Celente believes. “They’re squeezing out everybody else." Policies like these have created the widest wealth gap in the industrialized world, he says; “10% of the nation controls 93% of the assets."
“This country went from a nation of Main Street, mom and pop businesses to Wall Street and 'too big to fails',” he tells Tech Ticker in this clip. ("Not only were they 'too big to fail,' they were 'too big to jail'," he says of Wall Street execs.)
Former IMF Chief economist Simon Johnson makes a similar point in his book, 13 Bankers. In it, Johnson claims, six banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) control 60% of America’s gross national product.
