"Are we listening? And if we are, what are we going to do about it?"
Congressman Alan Grayson
The DN's Bramhall's World this morning has a good cartoon...Obama is pulling the ears of a Wall Street tycoon, and in the next room SEC staffers are watching net porn.
There will be some sort of financial reform bill voted out of the Senate.
But it will not deal with the most important issue..breaking up the TBTF (too big to fail)financial giants.
In the good read, 13 Bankers, Simon Johnson and James Kwak argue that if the 6 megabanks are not broken up, the next financial crisis, which will happen, will destroy the entire world's finance.
The big six( Bank of America,JP Morgan,Chase,Citicorp,Wells Fargo, Goldman-Sachs, and Morgan Stanley), have a total wealth equal to 60% of the US GDP.
They want to "reconfigure the megas to be small enough to fail."
How small? Well, NO bank should have wealth that is larger than 4% of the US GDP. The goal should be 2-4% of GDP as the maximum size.
And we, on main street, should move our money into the community banks and local credit unions.