The financial reform bill is virtually designed to institutionalize "too big to fail." And when it's reconciled we'll lose another battle in the ongoing war between global financial markets and democratic nation-states.
If the legislation currently being debated by the legislature is not real financial reform (and it is not, according to Fisher), then our current policy trajectory amounts to facilitating further rounds of financial dementia.
Greenspan will attempt to obfuscate. He will condescend, lecture, and distract. For the sake of the country, and to understand how we arrived here, the Angelides Commission must not allow that to happen.
The coming legislative debate will clearly divide people into "for" and "against" our massive global banks that have so manifestly gone bad. For the last time: Which side does the president really want to be on?
The only way to make sure no bank it 'too big to fail' is to make sure no bank is too big. If our current leaders fail to do this, you have every reason to believe it's because Wall Street has paid them not to.
Wall Street may own Washington politicians, but they don't own us. It's time to take matters into our own hands. It's time for us to put our money where our mouth is and leave these corrupt banks behind.
Gary Rivlan notes in his book, Broke USA, "the working poor have become big business." You wouldn't think that poor people would be a growth market, but businesses make big money off people who live paycheck to paycheck.