Wall Street reform: The hang-ups
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Since: Oct 09
#1 Apr 23, 2010
Here's Paul Krugman:
" In the years leading up to the 2008 crisis, the financial industry accounted for a third of total domestic profits — about twice its share two decades earlier.
"These profits were justified, we were told, because the industry was doing great things for the economy. It was channeling capital to productive uses; it was spreading risk; it was enhancing financial stability. None of those were true. Capital was channeled not to job-creating innovators, but into an unsustainable housing bubble; risk was concentrated, not spread; and when the housing bubble burst, the supposedly stable financial system imploded, with the worst global slump since the Great Depression as collateral damage."
He's right. We need to break up banks of this size or nationalize them. They're a threat to the country...
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