Barack Obama and the Big Banks

Simon Johnson argues that the fundamental causes of our financial crisis are still with us and that a second financial shock is inevitable. He makes the case that until recently President Obama has been more aligned with bankers than consumers and that there has been a complete breakdown of consumer protection regarding mortgages and other financial products. He joins the Council to argue that the six largest banks comprise a powerful and dangerous oligarchy, and that the regulatory agencies in charge of policing financial institutions have been co-opted by the banks and now act in their interests. Breaking up the big banks, he asserts, is essential for any meaningful financial reform. Simon Johnson, a former chief economist at the IMF and now co-author of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, is one of the most authoritative voices on world economics.