Richard Fisher Wants Big Banks Broken Up

Gretchen Morgenson in Sunday’s NYTimes bemoans the financial reform package that seems ready to go to a vote this week. She gets strong backing from Richard Fisher, president of the Federal Reserve Bank of Dallas. His money quotes:

The misuse of leverage is always the root cause of every financial crisis.

Why should you have a small group of institutions get an advantage simply because they have grown too large? It’s un-American; it’s not what makes this country great.


  • Me

    Gretchen Morgenson is a great journalist:
    “Instead of reducing the number of behemoth firms assigned this special status, the bills would encourage smaller companies to grow large and dangerous so that they, too, could have a seat at the bailout buffet.”

    I like Richard Fisher, but I haven’t seen a lot of research coming out of his bank that supports his position. A former Dallas Fed Vice President, however, wrote an excellent WSJ Op-ed recently that makes the point very effectively.

  • Neitherparty

    Never let a crisis go to waste…..feels great having Rahm and company at the helm, no?


    The Federal Reserve is un-American. Richard Fisher should be out looking for a job. The Federal Reserve is not Federal. It is owned by some of the richest people in the world, many of which are not even American. It is a for profit scam that has been transferring wealth to the banksters for almost a hundred years.

    “Give me control of a nation’s money supply, and I care not who makes its laws.”

    Mayer Amschel Rothschild knew this back in the early 1800s. His family fortune was well represented in the conspiracy to take over the US Central Banking duties.

    End the Fed and break up the big banks. Jail the perps at Goldman Sachs, the SEC, and all the other crooks on Wall Street.