By breaking up the biggest banks, conservatives will not be putting asunder what the free market has joined together. Government nurtured these behemoths by weaving an improvident safety net and by practicing crony capitalism. Dismantling them would be a blow against government that has become too big not to fail.
This is the first time I’ve ever agreed with George Will.
Our banks indeed need to be small enough enough to fail.
It’s likely the last time I’ll agree with Will, too, as his arrogant elitism continually contributed to the cronyism that divided our nation and made it the horrific mess it is today.
It never ceases to amaze me that those – like Will – with the great good fortune to be born: 1) healthy, 2) white, 3) male, 4) intelligent, and 5) physically attractive, somehow convince themselves that their successes have nothing to do with good, old-fashioned dumb luck.
Some elitists up the ante by taking credit for having come from two-parent homes, or inherited wealth, or powerful family ties, or legacy access to Ivy League institutions, or any number of other things they personally didn’t have a damn thing to do with.
Pride is for accomplishments, not dumb luck.
If and when George Will finally “gets” that, he’ll cease being a smug, sarcastic, misinformed, maladjusted, malicious and pedantic old poop.
Not only do our banks need to be small enough to fail, the bankers that engineered our economic ruin with one slight-of-hand scheme after another need to spend a decade or two in a non-Club Fed penitentiary … with all assets forfeited to partially compensate the millions of Americans whose pockets they picked.
We need to bring back Glass-Steagall. Yesterday. And we need to follow Iceland’s lead. Immediately.