"When the banking system behaves the way it is supposed to--as Pandit says Citi is now behaving--it is akin to a power utility, distributing money (power) to where it is needed and keeping an account of how it is used. Just like power utilities, the big banks have a commanding position in the market, which they can use for the benefit of their customers and the economy at large. But when banks seek to exploit their position and make a quick killing, they can cause enormous damage." John Cassidy in The New Yorker
***
"Politics and Economics: The 101 Courses You Wish You Had"
No comments:
Post a Comment