Tuesday, October 11, 2011

Bernie Sanders on Occupy Wall St.

Bernie Sanders is thankfully getting some airtime on behalf of Occupy Wall St. (click here for the Wolf Blitzer segment). His recent Op-Ed in the Huffington Post cuts right to the heart of the matter - a financial entity that is too big to fail is too big to exist. The piece is a must-read, and here's an excerpt:

"If a financial institution is too big to fail, it is too big to exist. Today, the six largest financial institutions have assets equal to more than 60 percent of GDP. The four largest banks in this country issue two thirds of all credit cards, half of all mortgages, and hold nearly 40 percent of all bank deposits. Incredibly, after we bailed out these big banks because they were "too big to fail," three out of the four largest are now even bigger than they were before the financial crisis began. It is time to take a page from Teddy Roosevelt and break up these behemoths so that their failure will no longer lead to economic catastrophe and to create competition in our financial system."