We have finally reached the point in our financial history where even bankers hate bankers.<\/p>\n
Last week, the Federal Reserve Bank of Dallas issued its 2011 annual report with a 34-page essay, “Why We Must End Too Big To Fail — Now.” The report stops short of calling our nation’s largest banks terrorists, but it does dub them “a clear and present danger to the U.S. economy.”
It begins with a letter from regional Fed president Richard Fisher. “More than half of banking industry assets are on the books of just five institutions,” he complains. “They were a primary culprit in magnifying the financial crisis, and their presence continues to play an important role in prolonging our economic malaise.”<\/p>\n
This is not the Tea Party. This is not Occupy Wall Street. This is not some disgruntled Goldman Sachs guy firing off a nastygram to the New York Times on his last day. This is a member of the Federal Reserve itself — an institution that bears responsibility for our banking system devolving into an untenable oligarchy that buys off politicians, captures regulators and eats up our money. This is a member of the establishment saying Too-Big-To-Fail, or TBTF, must die.<\/p>\n