Gordon Brown (Britain’s former finance minister and prime
minister) says in the New York Times that most of
the problems which caused the crisis - excessive borrowing, shadow banking and
reckless lending – have not yet been addressed. Plus, as he points out,
“Too-big-to-fail banks have not shrunk; they’ve grown bigger.”
Marvellous, isn't it?
And in the Financial Times a few days ago there was an
article entitled “Too big to fail banks still pose real dangers”.
So if you think some of the smaller organisations like Positive Money which have ideas about bank
reform and which operate on a shoe string are in any way defective, then PM’s
defects arguably pale by comparison to the incompetents who have been given
truck loads of money to sort this stuff out and have failed: e.g. the Vickers
Commission and Dodd Frank.
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