"If these banks were too big to fail 10 years ago, what would happen if any of them were to fail today?"
The numbers are there to support the case for a city-owned bank, but a critical ingredient in effecting revolutionary change is finding the political will.
“…the political fallout of the global financial crisis is only just getting started. The real confrontation, it seems, is yet to come.”
Central bankers are now aggressively playing the stock market. To say they are buying up the planet may be an exaggeration, but they could.
Public ownership of banks is not as crazy as it may sound. It has been the default political response to financial crises around the world for decades.
Lloyd Blankfein and his peers are strangling genuine growth, turning a productive economy into a financialized one, and driving up already-unsustainable levels of inequality.
“To be blunt, they’re full of it.”