Ellen Brown: A crisis in a major nation such as Spain or Italy could lead to a chain of defaults beyond anyone’s control, and beyond the ability of federal deposit insurance schemes to reimburse depositors.
Ellen Brown: When Americans realize that the alternative is to have their ready cash transformed into “bank stock” of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal.
Robert Reich: What better way for Obama to distinguish himself from Romney than to condemn Wall Street’s antics since the bailout, and call for real reform?
Tina Dupuy: Politicians won’t take personal responsibility for the crisis – and so Occupy Wall Street has no choice but to be nonpartisan. Or just bipartisan in their frustration.
Marian Wang: At the center of the ethics controversy enveloping Rep. Maxine Waters, a California Democrat, is OneUnited, the nation’s largest African-American-owned bank.
Robert Reich: As long as the big banks are allowed to remain big, their political leverage over Washington will remain big. And as long as their political leverage remains big, the taxpayer and economic tab for the next mess they create will be big. By all means, give regulators resolution authority and also impose the tightest regulations possible. But Congress and the White House shouldn’t stop there. Limits should be placed on how big big banks can become.
So the fact that Goldman has reverted to its old ways in the market suggests it has every reason to believe it can revert to its old ways in politics, should its market strategies backfire once again — leaving the rest of us once again to pick up the pieces.
By Ted W. Lieu — Just like unwary homeowners trapped in unsuitable loans and an ever-increasing mountain of debt, many of our nation’s lenders are facing significant difficulties remaining afloat.