We have never had class-based parties. We've had parties run by the business classes. There's slight variations. Like in the New Deal period, there was a lot of popular activism, so things shifted slightly, but not much.

The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient.

Take Cuba. A very large majority of the U.S. population is in favor of establishing diplomatic relations with Cuba and has been for a long time with some fluctuations. And even part of the business world is in favor of it too. But the government won't allow it.

The old-fashioned idea is that responsibility falls upon those who borrow and lend. Money was not borrowed by campesinos, assembly plant workers, or slum-dwellers. The mass of the population gained little from borrowing, indeed often suffered grievously from its effects.

[The Republican Party] for example, they do run the House of Representatives, they're a majority there, and it's the House that is essentially sending the government into shutdown and maybe default. But they won the majority of seats there because of various kinds of chicanery. They got a minority of the votes, but a majority of the seats, and they're using them to press forward an agenda which is extremely harmful to the public.

CEOs pretty much pick the boards that give them salaries and bonuses. That's one of the reasons why the CEO-to-payment [ratio] has so sharply escalated in this country in contrast to Europe. (They're similar societies and it's bad enough there, but here we're in the stratosphere. ] There's no particular reason for it.

Since James Madison day (and long before), there have been constant struggles over "democratic governance".