Bill Moyer talks with financial expert Sheila Bair about the lawlessness of our banking system and the prognosis for meaningful reform. Bair was appointed in 2006 by President George W. Bush to chair the FDIC. During the 2008 meltdown, she argued that in some cases banks were NOT too big to fail — that instead of bailouts, they should be sold off to healthier competitors. Now a senior adviser to the Pew Charitable Trusts, Bair has organized a private group of financial experts including former Fed chairman Paul Volcker, former Senators Bill Bradley and Alan Simpson, and John Reed, once the chairman of Citicorp, to explore ways to prevent the banking industry from scuttling reforms created by the Dodd-Frank Act. Here is a direct link.
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John Reed was president of Citibank before the Sandy Weill gang took over. He is one of the best ever American bankers.
Altogether, this group looks like the League of Extraordinary Bankers.
“Keeping Bankers Honest”. Who are we kidding? We will make no progress until we change our political system. Anything less is window dressing. Talk, talk and more talk.
Unfortunately, the political class and bankers will never let go until they are forced to do so. The public rarely gets nasty until after they have lost everything. We have much more to loose prior to real action being taken and that is the sad truth.