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exactly right. And the system will be the same as before - nothing will have been done to address the heart of the problem - banks that are "too big to fail".
by asmithmd1 18y ago
exactly right. And the system will be the same as before - nothing will have been done to address the heart of the problem - banks that are "too big to fail".
Anything that is too big to fail is just too big.
We have successfully broken-up companies that were too big before - AT&T comes to mind. Do you think we would have an open internet if one company controlled all access to long distance communication like AT&T did before 1984?
http://en.wikipedia.org/wiki/Bell_System_divestiture http://en.wikipedia.org/wiki/Bell_System_divestiture
- randallsquared 18y agoEntities that are that big have big lobbies. Big lobbies give effective control of governing bodies (at least, in their limited scope); this is known as regulatory capture. AT&T was broken up by judge, not by Congress, so it is not a good counterexample.
- silentOpen 18y agoI don't think the parent cares how AT&T was broken up. Why not break up financial institutions through the judiciary? Oh, because the anti-trust laws are crippled...