Break up the Megabanks: My take in the New York Times debate

Across the globe, we continue to feel the repercussions of negligent, reckless, and dangerous banking practices rewarded for screwing up so broadly and decisively. And it's far from over. Here in the US, the biggest banks are bigger, riskier, bloated with federal subsidies, and more of a threat to us than ever before. Thank you, Ben Bernanke, the Fed, Tim Geithner, Hank Paulson, the Treasury Department, Barack Obama, Larry Summers, George Bush, Jamie Dimon, Lloyd Blankfein, John Thain and all the other pillagers who took part in this national and international travesty. 

We aren't done with this crisis. It's just in remission given the epic stimulus the big banks received. We shouldn't have to wait for the other shoe to drop to pull a Glass-Steagall. 

Read the rest of my comment, along with those of Simon Johnson, William Black and others, in the New York Times Debate Forum.

Comments

[brien]

Nomi, your continued vigilance is appreciated and necessary. Imagine if you will, is there an overarching plan afoot here? Where does this all lead? This can't be random day to day activities. What is the goal? It all seems too orchestrated by the key players. And yet, this same theatre has played out countless times throughout history, just not the same scale.
thanks

[Nomi Prins]

Thanks, Brien. I think it's not so much a plan as an inevitable (unless something gets in its way) path. The bankers that most benefitted from the bailout also helped to architect it, the same way bankers and other leaders of every major corporate sector lobbied for deregulation of their industry. The goal is to maximize power, profit and influence - much easier to do when already coming from a position of strength. The secondary goal is to ensure the government there as a safety net when necessary, but out of the way, when not. That's why it seems so repetitive, the actions are similar throughout history, just the faces change, and the scale grows.

[brien]

Thanks for your response. May I pay you the compliment on the selection of your book jacket photo. You chose a professional, yet feminine picture. Your hair style is modern and yet not too stuffy as befits finance. Your penetrating gaze engages, and belies deep intelligence behind it. Complimentary are your prominent cheekbones, and I must say that your nose is beautiful. Most people don't notice noses because they just sit there in the middle of the face, but yours is quite appealing. All your fans will agree. You're becoming quite the celebrity.
I parcel out my reading of your book, dreading that it will end all too soon. There is a high that one gets when presented with such comic/tragedy, much like watching a train wreck, only we're all passengers.
Any prognostications as to where this all leads in the next decades, especially with the boomers retiring?
Keep up the good fight,
your fan, Brien