When Americans think of how the economic rules are stacked against them, they naturally think of Wall Street.
When the Wall Street bubble burst in 2008 because of excessive risk-taking, millions of working Americans lost their jobs, health insurance, savings, and homes.
But The Street is back to many of its old tricks. And its lobbyists are busily rolling back the Dodd-Frank Act, intended to prevent another crash.
The biggest Wall Street banks are also much larger. In 1990, the five biggest banks had 10 percent of all of the nation's banking assets. Now, they have 44 percent - more than they had at the time of the 2008 crash.
They have a virtual lock on taking companies public, play key roles pricing commodities, are involved in all major U.S. mergers and acquisitions and many overseas, and responsible for most of the trading in derivatives and other complex financial instruments.
And as they've gained dominance over the financial sector, they've become more politically potent. They're major sources of campaign funds for both Republicans and Democrats.
Wall Street banks supply personnel for key economic posts in Republican and Democratic administrations, and lucrative employment to economic officials when they leave Washington.
It's a vicious cycle. The bigger they get, the more likely it is that government will bail them out if they get into trouble again. This, in turn, confers on them an ever-larger competitive advantage over smaller, community-minded banks that don't have the implied guarantee - which gives the biggest banks even more economic and political power.
What should be done?
First, resurrect the Glass-Steagall Act that used to separate investment from commercial banking.
Second, put a small sales tax on every financial transaction. This would discourage speculation and slow down the casino. Not incidentally, such a tax could generate billions of dollars a year for, say, better schools.
But the most important thing we should do is bust up the big banks. Any bank that's too big to fail is too big, period.
Antitrust law should be used the way it was against the big oil trusts and the telephone monopoly. The idea was to prevent too much economic and political power from concentrating in too few hands. And that's precisely the problem with Wall Street.
The only sure way to stop excessive risk-taking on Wall Street so you don't risk losing your job or your savings or your home, is to put an end to the excessive economic and political power of Wall Street.
It's time to bust up the big banks.
ROBERT B. REICH's film "Inequality for All" is now available on DVD and blu-ray, and on Netflix. Watch the trailer below: