To prevent the collapse of the global financial system in 2008, Treasury committed 245 billion in taxpayer dollars to stabilize America's banking institutions. Today, banks that were once 'too big to fail' have only grown bigger, with JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs holding assets equal to over 50% of the U.S. economy. Were size and complexity at the root of the financial crisis, or do calls to break up the big banks ignore real benefits that only economies of scale can pass on to customers and investors?
Dennis Avery4 Items
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- Director, Hudson Institute's Center for Global Food Issues.
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- Published Freelance Writer, the Wall Street Journal, Wilson Quarterly, and the American.
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- Principal, Jesus College, Oxford