Courtesy of George Washington
As MIT economics professor and former IMF chief economist Simon Johnson points out today, the official White House position is that:
(1) The government created the mega-giants, and they are not the product of free market competition
(2) The White House needs to “regulate and oversee them”, even though it is clear that the government has no real plans to regulate or oversee the banking behemoths
(3) Giant banks are good for the economy.
That is an epic fail. Giant banks are not good for the economy.
Note to congressional aides: Your bosses could score big points by pointing out that the too big to fail justifications are a (cough) lie.