Wall Street was deemed “too big to fail” in 2008—and now it’s even bigger.
In fact, by international accounting standards, the three biggest US banks—Chase, Bank of America, and Citi—are the biggest in the world.
This means that many of the risks Wall Street imposed on the world leading up to the financial crisis are still present.
It also means that Wall Street has the power to lobby Washington…
…and capture Washington.
And this means that it’s going to take a lot of effort from the public to level the playing field and make sure we don’t let Wall Street bring on another financial crisis.
Will the Glass-Stegal act help us who ha e. even wrongly foreclosed already? Bank win the bid to buy house at auction n transferred it to I e of their subsidiaries I still live in house paying a usage fee. There are no rentals on Long Island after hurricane Sandy. I pay $2,300 a month USAGE FEE then October have to move. Need help I lived here 39 years before I was diagnosed with MS and took a refinance. It was my retirement. Now have to hope I can work the rest of my life. Please answer [email protected]
Hey I’m in!!! Lets do it for all my children grandchildren and you and yours. Lets fix this mess!!!
I have my checking account in a credit union. Now, what about the real money (mortgage, 401k)?
That’s a smart question, Jon, one that I wish more people were asking. We’re finishing up an ebook (which should be up soon) that delves into a long-form answer to that exact question. The short answer is to go with a low-cost index fund for the 401(k) and to aim for something close to a 15-year fixed-rate mortgage with a 20% down payment at a local lender.