Lobbyists for the big banks are fighting the break-up proposal hard, calling it "misguided." The proposal could "lead to long-term damage" to the economy, wrote Rob Nichols, president of the Financial Services Forum, in a letter Monday to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.One wonders where to start with something so utterly detached from reality as this. Surely others have noted that financial institutions that are "to big to fail" have in fact already lead to "long-term damage" to the economy! It beggars the imagination how anyone even remotely attached to reality could miss the obvious common sense observation that concentration of financial power in a few large firms lead directly to much, I'm inclined to most, of our current financial trouble. Allowing such institutions to continue to exist, to continue to have a claim on government (that's you and me) to bail them out of their own folly is ridiculous in the extreme.
That just common sense.
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