[Kyuu]

For years, the Obama administration has been pummeled for failing to bring criminal charges against a single major Wall Street bank or a single leading Wall Street banker for what the FBI termed an "epidemic of fraud" that blew up the entire economy.

Yesterday Attorney General Eric Holder stated openly what was already apparent: The Justice Department believes that Too Big to Fail Banks are Too Big to Jail. Criminal indictments against banks or leading bankers might endanger the economy and thus were too big a risk.

http://www.huffingtonpost.com/robert...?utm_hp_ref=tw

Of all the issues to contend with in this country, this one is by far the biggest one to tackle. Everything else (abortion, gun regulation, etc.) are side issues, in comparison. And good luck trying.

For reiteration:

The Justice Department believes that Too Big to Fail Banks are Too Big to Jail

That's the staunch truth to the whole matter. Quite frankly, it's also unacceptable.

But the Attorney General is merely acknowledging the fact: big banks now operate above the law. And as the conservative head of the Dallas Federal Reserve Bank Richard Fischer and many others have argued, the big banks are not disciplined by the market.

Sadly, it IS bad policy to simply let the banks crash -- hence the bail outs. Otherwise, everything will fall like a house of cards, and we (the middle class) will be right at the bottom of it -- ready to catch it all.

Clearly, institutions that are above the law and beyond the discipline of the market cannot exist in their current form. Congress has only two choices. The big banks can be nationalized and treated as public utilities. The public would pocket their profits and cover their losses. Or the big banks can be broken up, and be accountable to both the law and the market.

Either action will do. Just do it.