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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.
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Interview by Bill Moyers, Bill Moyers Journal, PBS, May 8, 2009.

 

Richard Durbin

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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

 

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.

 

John N. Gray

 

Mrs. Banks did not notice what was happening behind her, but Jane and Michael, watching from the top landing, had an excellent view of the extraordinary thing the visitor now did.
Certainly she followed Mrs. Banks upstairs, but not in the usual way. With her large bag in her hands she slid gracefully up the banisters, and arrived at the landing at the same time as Mrs. Banks. Such a thing, Jane and Michael knew, had never been done before. Down, of course, for they had often done it themselves. But up — never! They gazed curiously at the strange new visitor.

 

P. L. Travers

 

And many of the people who buy or found banks have had no experience in banking at all. If they can learn it, so can we.

 

Penny Lernoux

 

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