The Big Banks Cannot Be Controlled

They’re too big to fail

Class War In America

Gar Alperovitz (What Then Must We Do?, recommended reading) recalls that a lot of distinguished economists and politicians realized long ago that nothing can be done to make the big banks into a reasonably democratic enterprise. They cannot be regulated. They employ armies of million-dollar-a-year lawyers for the expressed purpose of avoiding regulation. If they are broken apart they will simply continue doing what they always do, which is to buy smaller banks until they are too big again.

All that might be OK, if it weren’t for a few factors. Namely, the big bankers all to easily become corrupt and reckless, and endanger the entire national economy, even the world economy, as they did in 2008. They have little interest in the people from whom their billions come. As the losses to the American citizen crossed the $16-trillion mark and millions of lives were ruined, bankers announced…

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