![]() ![]() ![]() The choice that our political and economic system faces is stark: accede to the vested interests of an unfettered financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform, through stringent regulation, the banking system as an engine of economic growth. Without an effective government crackdown on their deleterious, conventional practices, these banks-“too big to fail” and holding the global economy hostage-threaten to create yet another crippling economic downturn. In the wake of the financial crisis of 2008, the largest banks at its center have emerged bigger, more profitable, and more resistant to regulation, even as they continue to wield power in Washington. ![]()
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March 2023
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