It’s been 8 whole years since the financial crisis, but countries around the world are still feeling the fallout. Meanwhile, the banking sector, which largely precipitated the crash, is reporting record profits and exactly zero top Wall Street executives have been held responsible.
At the same time, our banking, loan, and investment options are increasingly limited to a select few big banks. These have been labeled “too big to fail,” and it’s not hard to see why. As this graphic shows, from 1990 to 2009, 37 banks merged into just 4. One failure will now be the same as many.
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This was an issue in 2009, and it still is today. As the New York Times just reported:
These days, the ‘too big to fail’ banks have less competition than ever, they get their raw material — cash from depositors — nearly free, and they have never had more ways to make vast amounts of money.
With these sobering facts on the table, banking reform is a hotly debated issue in the upcoming presidential election. Democratic candidate Bernie Sanders is gaining ground and making it one of his key campaign points, while Hillary Clinton is defending paid speaking engagements for Wall Street banks.
How important are these issues to the American public? This election will be a strong indicator.
(via Mother Jones)