Sandy Weill's Citigroup engaged in fraud on a massive scale, unfettered risk taking and then needed a massive taxpayer bailout during the 2008 financial crisis because it was so big it couldn't be managed. Yet only now does Weill say it was all a mistake.
The behavior of the largest banks is not only rapacious and destructive to the social fabric, it is also stunts economic growth. They are not investing the huge resources they have accumulated in ways that would stimulate the economy.
The banking lobby misrepresents the situation in two ways. First, they foster the belief that the economy needs lower rates to 'get going.' Second, the banking lobby likes to pretend that there is no alternative.
It's time for the Federal Reserve Banks to replace the old boy networks with computer networks. Their boards are supposed to have representatives of the public and specifically of consumers and labor but they complain they can't find many. Crowd-sourcing can address this problem.