Are Our Banks Still 'Too Big to Fail?'
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Five years after the Great Recession began, our big banks are bigger than ever. Are they still "too big to fail?" Would undue risk-taking mean another taxpayer bailout? Also, the Pope says the Catholic Church is "obsessed" with abortion, gay marriage and contraception. On Today's Talking Point, have Republican House leaders turned into followers?
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Are America's Financial Institutions Still 'Too Big to Fail?' ()
Five years ago this week, the bankruptcy of Lehman Brothers led to America's worst financial crisis since the Great Depression. The Bush and Obama Administrations used billions of taxpayer dollars to bail out banks that were so big their failure would have hurt the economy even more. Now some of those banks are bigger than ever. Will that lead to another round of excessive risk-taking by executives and investors confident of another government bailout? JP Morgan Chase is America's biggest bank. Today, JP Morgan Chase made a rare admission that it did wrong — to the tune of $920 million in fines to four regulatory agencies. The Dodd-Frank bill was supposed to prevent a repeat of the Great Recession. We talk to former Congressman Barney Frank and others. Should Main Street be worried about the future of Wall Street?
- Gretchen Morgenson: New York Times
- Barney Frank: US Congress (formerly), @BarneyFrankNews
- Heidi Moore: Guardian, @moorehn
Today's Talking Point
Republican Leadership in Congress Follows the Extremists ()
House Republicans have held a strategy session and decided to move toward a government shutdown and default on the national debt — even though that's not what their leadership wanted to do. This morning, House Speaker John Boehner stressed the GOP's determination to do away with Obamacare and attributed the divergence of opinions as his Republican colleagues being "a bit more individual than our colleagues across the aisle." Dana Milbank is a political columnist for the Washington Post.
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