"Where are we now on the "Too Big to Fail" problem? Where are we on making sure that the behemoth institutions on Wall Street can't bring down the economy with a wild gamble? Where are we in ending a system that lets investors and CEOs scoop up all the profits in good times, but forces taxpayers to cover the losses in bad times? After the crisis, there was a lot of discussion about how Too Big to Fail distorted the marketplace, creating lower borrowing costs for the largest institutions and competitive disadvantages for smaller ones. There was talk about moral hazard and the dangers of big banks getting a free, unwritten, government-guaranteed insurance policy.Sure, there was talk, but look at what happened: Today, the four biggest banks are 30% larger than they were five years ago. And the five largest banks now hold more than half of the total banking assets in the country. One study earlier this year showed that the Too Big to Fail status is giving the 10 biggest US banks an annual taxpayer subsidy of $83 billion."
"We should not accept a financial system that allows the biggest banks to emerge from a crisis in record-setting shape while working Americans continue to struggle."
"And we should not accept a regulatory system that is so besieged by lobbyists for the big banks that it takes years to deliver rules and then the rules that are delivered are often watered-down and ineffective. What we need is a system that puts an end to the boom and bust cycle. A system that recognizes we don't grow this country from the financial sector; we grow this country from the middle class.Powerful interests will fight to hang on to every benefit and subsidy they now enjoy. Even after exploiting consumers, larding their books with excessive risk, and making bad bets that brought down the economy and forced taxpayer bailouts, the big Wall Street banks are not chastened.They have fought to delay and hamstring the implementation of financial reform, and they will continue to fight every inch of the way."
- Senator Elizabeth Warren 11/12/2013
Meanwhile, Hillary is whoring for every dime she can scrape from Wall Street.
Elizabeth Warren is not running, but if she were, she'd get my vote for damned sure.