James Kwak On Too Big To Fail
This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.
As the FCIC continues to dig into the causes of the financial crisis with testimony from former Treasury Secretary Henry Paulson and current Treasury Secretary Tim Geithner, it might occur to even the most casual observer that banks are still pretty big. If we thought that banks were "too big to fail" in 2008, today it's scary to consider that the top 6 banks control an even larger share of the industry post Great Recession.
James Kwak, co-author with Simon Johnson of "13 Bankers" (also the great minds behind The Baseline Scenario) discussed what needs to happen to prevent banks from getting so big that they could potentially drag down the entire financial system.
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