The problem with banks is not that they lack some form of regulation, or need some new kind of public backstop, it’s that they don’t have your f**cking money and instead speculate with it.
Discussion
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And yet, Clinton repealed Glass-Steagall in 1999, and the lessons we learned in the Great Depression about the dangers of merging commercial and investment banking were forgotten.
Bankers write their own laws.
Foxes guarding the henhouse:
Bankers controlling the money
Insurance controlling healthcare
Trade associations controlling trade law
We empower government to minimize the negative externalities of corporations, until the corporations rewrite their own laws to empower themselves again. Foxes are back in the financial system
They they can use our money to speculate because the public protections once in place to prevent this behavior have been removed. If an industry has the ability to demolish public welfare, that’s what regulations are for.
The other is that when u walk out of the bank with your new check book it's NOT. YOUR. MONEY. ANYMORE.