Never in the history has so much money been poured in the direction of banks, most of which don't need it. It is becoming clear that European banks will use it, not to boost the economy, but to manage their balance sheet.
Memo to the Obama Administration: if you want to see the makings of a national model to hold big banks accountable for fixing foreclosure-devastated neighborhoods, go to Milwaukee and talk to citizen leaders who are practicing what Saul Alinsky preached.
The recent crisis was a failure of risk management -- a diagnosis widely shared among the members of the IIF. But we are also starting the next crisis: the public finance crisis in Europe, the United States and Japan.