This business elite did not only bring the current crisis upon us, says Johnson, but it is also preventing the government from taking the necessary measures to get us out of it by fixing what's wrong. The solution he proposes is to temporarily nationalize all the ailing banks and financial institutions, chop them apart, heal them, and privatize them.
While Johnson's description of the excessive influence of America's financial industry is correct, he is mistaking the symptoms for the causes of America's current illness. The financial sector became as big as it is due to excess liquidity. Large amounts of artificially cheap money made the financial industry grow, and not the other way around. The reason for all this cheap money in America is China's habit of spending the proceeds from selling goods priced using an artificially low currency (RMB) to purchase US Treasury Bonds in order to ensure (artificially) low interest rates in the US. This arrangement, of course, was convenient for both China and the US, and each of them is equally responsible for it.