There has been increased chatter lately by a loose coalition of leftists, left-Republicans, and left-libertarians hoping to use government coercion to break up the big banks for the supposed good of somebody or something other than the big banks. This is not unexpected. This nutty idea has been around for some time. JP Morgan’s $2B trading loss, which is distressing only to shareholders and to people who cannot grasp numbers, was the predictable springboard for these pundit circle ne’er-do-wells to vocalize their absurd demands yet again.
They pronounce bankers incompetent, but secretly they are terrified that conservatives are right: The government, not banker malfeasance, is responsible for financial crises. They are motivated to play up every penny a bank loses as if it were a catastrophe – while never acknowledging the vast wealth that those in the financial sector have created over the centuries – wealth which has transformed their own lives, and which they could never hope to match.