tagged with OWS


Under the rule, banks need to provide the government with a blueprint for a quick and orderly dissolution in case they were to fail. That requirement, a key provision of the Dodd-Frank financial reform law, is intended to avoid the widespread confusion and haphazard actions that occurred during the recent financial crisis, in which some of the world’s largest financial institutions collapsed and threatened the entire financial system in the process.

In the first act, bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. In the second act, the bubbles burst - but bankers were bailed out by taxpayers, with remarkably few strings attached, even as ordinary workers continued to suffer the consequences of the bankers’ sins. And, in the third act, bankers showed their gratitude by turning on the people who had saved them, throwing their support - and the wealth they still possessed thanks to the bailouts - behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis. Given this history, how can you not applaud the protesters for finally taking a stand?