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The populist rant about greedy banks that is being loudly ventilated in Congress is a distraction from the true causes of the crisis. The dire condition of America's financial markets is the result of American banks operating in a free-for-all environment that these same American legislators created. It is America's political class that, by embracing the dangerously simplistic ideology of deregulation, has responsibility for the present mess.
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"A shattering moment in America's fall from power," The Observer (2008-09-28)

 

John N. Gray

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Some have tried to pose a choice between American ideals and American interests — between who we are and how we act. But the choice is false. America, by decision and destiny, promotes political freedom — and gains the most when democracy advances. America believes in free markets and free trade — and benefits most when markets are opened. America is a peaceful power — and gains the greatest dividend from democratic stability. Precisely because we have no territorial objectives, our gains are not measured in the losses of others. They are counted in the conflicts we avert, the prosperity we share and the peace we extend.

 

George W. Bush

 

Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks — when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.

 

Nassim Nicholas Taleb

 

Political scientists don't work at banks—which is a problem. As political issues become more important for the markets, analysts at banks are asked all sorts of questions they don't have the ability to answer. And if you're getting paid to answer questions—as analysts at banks are—you never want to be in the position of saying you don't know.

 

Ian Bremmer

 

The banks -- hard to believe in a time when we're facing a banking crisis -- that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place.

 

Richard Durbin

 

Today, under George W. Bush, there are two Americas, not one: One America that does the work, another that reaps the reward. One America that pays the taxes, another America that gets the tax breaks. One America - middle-class America - whose needs Washington has long forgotten, another America - narrow-interest America - whose every wish is Washington's command. One America that is struggling to get by, another America that can buy anything it wants, even a Congress and a president.

 

John Edwards