The six largest banks in the USA have assets in excess of 63% or GDP. Source
Just imagine what kind of debts they are hiding. But they aren’t the other people gambling on Wall st…. Anyway, without the political will to reorganize debts, we have to pay them off. Trillions of dollars in gambling debts, sucked out of businesses big and small, sucking capital dry and postponing an economic recovery.
Paul Krugman says the same thing today in a piece called "Lost Decade Looming?"
The Senate passed a financial reform bill. It’s a facade of regulation that sent bank stocks 4% higher in one day.
This video with Dylan Ratigan and David Dayden ties both points together.
Thanks for reading FDL people!