Proponents of privatization argued that cities and states needed private capital to fund all the upgrades that our decaying infrastructure so desperately needed.

The big banks advise cities about whether privatization is a wise choice. They also control the ability of states and cities to access the market for their financing needs.

In capital we trust. Capital is our savior, our holy grail, our fountain of youth, or at least health, for banks.

No city embraced privatization more eagerly than Chicago, where I live.

Privatization of assets that most of us consider public goods - like airports and highways - has a long, often-uncontroversial history.

Capital isn't this pile of money sitting somewhere; it's an accounting construct.