During the 2008 crisis, I argued that we should take over the big banks and restructure them. Instead, we bailed out the banks with tax payer money and with an unprecedented increase in the Fed’s balance sheet. We did nothing to get rid of banks that are “too big to fail” or to severely restrict their activities (which might lead them to break themselves up). So yesterday, JP Morgan Chase had to announce a $2 Billion trading loss from what they claim was a hedge gone wrong in Credit Derivativ...

During the 2008 crisis, I argued that we should take over the big banks and restructure them. Instead, we bailed out the banks with tax payer money and with an unprecedented increase in the Fed’s balance sheet. We did nothing to get rid of banks that are “too big to fail” or to severely restrict their activities (which might lead them to break themselves up). So yesterday, JP Morgan Chase had to announce a $2 Billion trading loss from what they claim was a hedge gone wrong in Credit Derivativ...