Quote:
Originally Posted by Tyrone Slothrop
And the people who live in communities where there are foreclosures. And the people who bought mortgage-backed securities from the banks. Not to mention the people who bought stock in the banks themselves, I suppose.
eta: And people who want to buy houses. |
You'll notice I have never taken issue with Volcker's suggestion we break up the big banks. I see some of the benefits of size, but on balance, I think too big to fail is also too big to provide adequate service, too big to manage and too big to exist. When a thing gets so unwieldy - so impossible to organize and operate - that it repeatedly, routinely exhibits incompetence at the levels we're seeing now... incompetence that continues to damage the economy years after these same idiot organizations initially drove us to the edge of collapse, I think those organizations forfeit the right to exist. Next time one starts teetering, I think it's time to give Roubini's plan a shot. Send in the black suits asap, chop the fucker into bits and instead of selling its pieces to another TBTF, reconstitute it as a pile of small regionals.
ETA: Yes, I am saying interfere in the market and bar the big banks from buying the pieces of any large bank failing in the future.
