What's So Bad About Big Banks?
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Throughout his presidential campaign, Senator Bernie Sanders has called for the breakup of Wall Street’s big banks. These six financial institutions, which likely include JP Morgan Chase, Bank of America and Wells Fargo, collectively hold assets equal to 60 percent of the United States’ GDP. The central problem with these banks, as outlined by Sanders, is that they’re too big to fail. So, what does this mean, and what’s so bad about big banks? Well, a “too big to fail” bank is one that is so deeply interconnected with the economy that its failure could lead to an economic crisis. When such a bank is unable to pay its debtors and creditors, due to risky investment or improper management, that inability to pay ripples through the economy. Businesses c...
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Throughout his presidential campaign, Senator Bernie Sanders has called for the breakup of Wall Street’s big banks. These six financial institutions, which likely include JP Morgan Chase, Bank of America and Wells Fargo, collectively hold assets equal to 60 percent of the United States’ GDP. The central problem with these banks, as outlined by Sanders, is that they’re too big to fail. So, what does this mean, and what’s so bad about big banks? Well, a “too big to fail” bank is one that is so deeply interconnected with the economy that its failure could lead to an economic crisis. When such a bank is unable to pay its debtors and creditors, due to risky investment or improper management, that inability to pay ripples through the economy. Businesses c...
