The Nation, 30 December 2011
It has been clear for some time that the conduct of the banking and financial industry is one very important cause of the 2008 credit crunch. Moreover, for-profit banks by and large fail to deliver services to the poor, deepening poor people’s marginalization from the mainstream economy. The banks’ relentless pursuit of profit, an intrinsic feature of the industry (as of the broader economy), continues to expose all of us to the risk of another banking crisis that would repeat the enormous harm done last time, above all to the world’s poorest. Sadly, it’s unrealistic to expect Washington to do much to curb the industry, given the banks’ enormous lobbying sway and privileged access to senior officials, regardless which party is in power.