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Friday
Oct302009

Dean Baker: "Forget Regulation, It's Time To Break Up The Banks!"

CNN Video: Dean Baker, of The Center for Economic and Policy Research, says regulation alone is not enough to fix too big to fail, and that we need to break up our largest banks.

Alan Greenspan has called for the largest banks to be sliced and diced.

Paul Volcker has been saying so for awhile.

Sheila Bair is for it.

Joseph Stiglitz says yes, emphatically.

Krugman agrees.

Simon Johnson has been ringing the bell.

Add Mervyn King, Jimmy Rogers, Josh Rosner and Chris Whalen to the list.

Meanwhile Rome is burning while Obama, Bernanke, Geithner, Summers and Barney Frank do absolutely nothing to fundamentally solve the problem. 

We ask again: What could possibly go wrong?

Clip runs 4 minutes.

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Reader Comments (27)

It's nice to see Josh Rosner's name on that list. He doesn't grab attention like a Chris Whalen or Jimmy Rogers does, but he's top-notch and incorruptible. Like Whalen, Ratigan and Barry Ritholtz, Rosner also won an award from Wall St. Cheat Sheet.
http://wallstcheatsheet.com/knowledge/medal-of-honor-top-analyst-josh-rosner-nailed-the-crisis/?p=1959/

Here's a zinger from his interview with Damien Hoffman:

Josh: Do I think [the meltdown] was pre-meditated? Do I think they understood the risks? Well, if they didn’t, they should be out of business for poor risk measurement and poor risk practices. So in that sense, I do think they understood the risks they had in front of them and chose to ignore them for the longer term. No question. Do I think they pointed the moral hazard gun at our heads intentionally? Yes, a couple did.

-----That's bracing stuff coming from someone who doesn't go out of his way to toss hand grenades.
Oct 30, 2009 at 4:47 PM | Unregistered CommenterJames H
"Josh: Do I think [the meltdown] was pre-meditated? Do I think they understood the risks? Well, if they didn’t, they should be out of business for poor risk measurement and poor risk practices. So in that sense, I do think they understood the risks they had in front of them and chose to ignore them for the longer term. No question. Do I think they pointed the moral hazard gun at our heads intentionally? Yes, a couple did."

They all understood what they were doing, it is all about destroying the middle class and concentrating wealth at the top.
Oct 30, 2009 at 4:52 PM | Unregistered CommenterS. Gompers
Gomp,

That one was for you. I knew you'd appreciate that.
Oct 30, 2009 at 4:59 PM | Unregistered CommenterJames H
"Meanwhile Rome is burning while Obama, Bernanke, Geithner, Summers and Barney Frank do absolutely nothing to fundamentally solve the problem."

Back during election time, Scott Horton of Anti-War Radio would say, "Nero or Caligula, what's it gonna be, America?" Hope you like fiddle!
Oct 30, 2009 at 5:01 PM | Unregistered CommenterJames H
Oct 30, 2009 at 6:53 PM | Registered CommenterDailyBail
Oct 30, 2009 at 6:54 PM | Registered CommenterDailyBail
Oct 30, 2009 at 6:57 PM | Registered CommenterDailyBail
Oct 30, 2009 at 6:59 PM | Registered CommenterDailyBail
Appreciate I did.
Oct 30, 2009 at 7:00 PM | Unregistered CommenterS. Gompers
Did Bernanke Save The World From Economic Ruin? (Former Fed President Bob McTeer & Dean Baker)
http://dailybail.com/home/did-bernanke-save-the-world-from-economic-ruin-former-fed-pr.html
Oct 30, 2009 at 7:08 PM | Registered CommenterDailyBail
What exactly did the Fed do with $2tn? -- By Dean Baker

Despite Ben Bernanke's protestations, Congress must be given full access to audit the Federal Reserve's loans expenditure

http://www.guardian.co.uk/commentisfree/cifamerica/2009/sep/07/ben-bernanke-federal-reserve-congress
Oct 30, 2009 at 7:12 PM | Registered CommenterDailyBail
Reverse bank robbery -- by Dean Baker

No wonder America's banks are making profits again: the US government is bribing them to borrow its own money

http://www.guardian.co.uk/commentisfree/cifamerica/2009/aug/31/banking-profits-us-economy
Oct 30, 2009 at 7:14 PM | Registered CommenterDailyBail
Dean Baker
Co-Director of the Center for Economic and Policy Research
Posted: October 12, 2009 09:35 AM

Won't You Please Come to Chicago?
http://www.huffingtonpost.com/dean-baker/wont-you-please-come-to-c_b_317268.html
Oct 30, 2009 at 7:15 PM | Registered CommenterDailyBail
Dean Baker
Op-Eds and Columns -- A Complete Archive

http://www.cepr.net/index.php/dean-bakers-op-eds/
Oct 30, 2009 at 7:17 PM | Registered CommenterDailyBail
DB, you can't be serious. Have you gone mad?

This might be an interesting idea in theory but in practice, it is being led by Barney Frank and the Obama Administration.

This is not what Jim Rogers supports, he doesn't believe any bank or financial institution is too big to fail. He wanted the government to let them fail. If this is not the case, please tell me when Jim Rogers changed his position on the bailouts.

The government may need a regulating body with some balls and needs to crack down on the corruption and fraud but this is nonsense.
Oct 30, 2009 at 7:44 PM | Unregistered Commentergobias
One of us is confused, Gobias...Rogers and Dean Baker agree...as does everyone else on the list...break up the largest institutions so their failure won't de-stabilize the system in the future...
Oct 31, 2009 at 1:45 PM | Registered CommenterDailyBail
Yes, you are confused about Jim Rogers, no big deal. Nobody else will catch the oversight.
Oct 31, 2009 at 2:25 PM | Unregistered Commentergobias
More great stuff from Rosner: TBTF, regulatory capture, "change"(???) and Geithner's rejection of a 1 Trillion-dollar limit on the new TARP on Steroids bill. Interview on Bloomberg.
http://www.youtube.com/watch?v=pIuwVJ-WqnY
Oct 31, 2009 at 2:27 PM | Unregistered CommenterJames H
Rosner also ^ makes the salient point that Congress would never again have to go through the bother of actually voting on another bailout. Geithner could just do it on his own. And no limit. Maybe that's the plan -- "fix" the financial system by nixing FAS 157, get the new "regulation" passed, and then use it to take care of Citi, BAC, et al. Who knows, anymore.

It's that time again. Tim Geithner: dumbass or liar?
Oct 31, 2009 at 2:30 PM | Unregistered CommenterJames H
It's that time again. Tim Geithner: dumbass or liar?...

Those descriptions of Timmy are not mutually exclusive.

The auditing firms make a lot of money consulting with their clients, accounting rules are just speed bumbs. They will not upset their clients by talking up the lost art of honest accounting.
Oct 31, 2009 at 2:48 PM | Unregistered Commentergobias
DB...here is a good video of Jim Rogers...again, if he changed his opinion I would be shocked to my core...

It is all great but your answer is starts at 4:04...
Oct 31, 2009 at 2:54 PM | Unregistered Commentergobias
Those descriptions of Timmy are not mutually exclusive.

I'd expect something more Derridean or Heraclitian out of you, gobias. I wish Roland Barthes were still around to write about Tim Geithner. Or Obama!
Oct 31, 2009 at 2:54 PM | Unregistered CommenterJames H
Gobias...your Jimmy Rogers link didn't come thru...try again...
Oct 31, 2009 at 3:17 PM | Registered CommenterDailyBail
I am not a fan of the French, wait, I am quite fond of Audrey Tautou and Marion Cotillard.

Heraclitian, what were the opposites?

As for Roland Barthes, have you ever read Oprah’s magazine? You may find it right up your alley.
Oct 31, 2009 at 3:23 PM | Unregistered Commentergobias
OK I watched it and i think you're looking to split hairs...
Nov 1, 2009 at 11:40 PM | Registered CommenterDailyBail

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