Monday, September 28, 2009

Break up if too big to fail

Bankers make the most money in the USA and Britain which is also home to the most bankrupt banks and where the current economic crisis began. It looks like they are getting the blame and the rich will have to pay higher taxes, at least in Britain.

The last 30 years have been a great time to be in finance and to make a lot of money. Looks like the future is not so bright. Rich people and wannabes better curtail the activities of the less scrupulous members of their class or they will lose because of the actions of their fellows.

The system as a whole can be damaged. USA used to be vigorous in busting the trusts and breaking up concentrations of power. This is the idea of a free market, a level playing field, and a chance for talent to rise to the top. If we let hereditary or special interest cliques take over the government, business, universities then the institutions will not work well and will deteriorate or collapse catastrophically.