Shit, I wish everyone and his dog read my little insignificant blog because everyone and his dog must see and listen carefully to this:
Hat tip? No, full bow this time: Bill Moyers
“[W]eakening the big banks and their bosses should not be seen as an unfortunate side effect of beneficial medicine. It is exactly what we need to do under these circumstances. Unless and until these banks’ economic and political influence declines, we are stuck with too many people who know exactly what they can get away with because their organizations are “too big to fail.”
And weakening these banks (or actually having some of them go out of business and be broken up) as part of a comprehensive system reboot – with asset revaluations at market prices and a complete recapitalization program – will help return the credit system to normal.
Simon Johnson, Professor of Economics, MIT
Blog-Baseline Scenario.com