Banks Too Big to Fail

I have often focused on the size of banks as a special concern. Thanks to Simon Johnson, I am convinced that banks "too big to fail" are too big!

Howard Schneider has written a column that points out the same in a rather alarming way. He demonstrates rather convincingly that there are many banks in Europe that are literally bigger than the nations. While that is not yet exactly true in our country, it is not very encouraging to know that banks have assets equal to our nation's.

The banks have powerful lobbyists that are working their skills to ensure that Congress does not interfere with their "success".

I can only hope that we don't learn how wrong they have been.