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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.