07/01/2010 05:12 am ET Updated May 25, 2011

Simon Johnson: Why Do Senators Corker And Dodd Really Think We Need Big Banks?

On Friday, Senator Bob Corker (R, TN) took to the Senate floor to rebut critics of big banks. His language was not entirely senatorial: "I hope we'll all come to our senses", while listing the reasons we need big banks. And Senator Chris Dodd (D, CT) rose to agree that (in Corker's words) reducing the size of our largest banks would be "cutting our nose off to spite our face" and that by taking on Wall Street, "we may be taking on the heartland."

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