Too Big to Fail and Too Risky to Exist
“In 1989, the CEOs of our seven largest banks earned an average of $2.6 million. In 2007, the average CEO income had risen to $26 million. The ordinary citizen might believe that this is grotesque overcompensation, but the financial sector found the pay perfectly reasonable. A year later, this sort of thinking led us to the brink of complete financial collapse. The financial crisis of 2008 now looks more and more like a defining moment, a crisis of capitalism. Globally, it has produced, in addition to a crippling recession, an unending debt crisis. Our own escalating, unpayable debt makes the future of U.S. power increasingly uncertain. Government borrowing and spending policies have failed to stimulate growth in the economy.
