The break up of above-the-law financial conglomerates that are bankrupting the world economy should have happened in 2008, but the Obama-led government missed their opportunity to lead on this critical reform. This change is certain to come forward again in the next financial meltdown, because it must. There can be no rule of law, stability or sustainable democracy until deposit-taking banks are separated off from product-underwriting- risk-selling-trading franchises not underwritten by government largess or backed by the public purse. Financial powers have had one hell of run, but the time has come for the pendulum to swing the other way.
Not surprisingly, a new nationwide US survey of likely 2018 voters in key battleground congressional districts finds an “overwhelming, broad-based, and intense’ bipartisan support for curbing big banks’ influence in Washington, and holding financial companies accountable. This memo explains all the findings. Here is the key takeaway.
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