The Consensus on Big Banks is Beginning to Crack
October 21, 2009
Just when our biggest banks thought they were out of the woods and into the money, the official consensus in their favor begins to crack. The Obama administration’s publicly stated view--from the highest level in the White House--remains that the banks cannot or should not be broken up. Their argument is that the big banks can be regulated into permanently low risk behavior. In contrast, in an interview reported in the NYT this morning, Paul Volcker argues that attempts to regulate these banks will fail: “The only viable solution, in the Volcker view, is to break up the giants.
March 23, 2009
Sometimes it almost seems as if these Wall Street folks want to be stormed by pitchfork-wielding mobs.