Try not to gag on this one. At the end of 2008, J.P. Morgan encompassed $1.7 trillion in assets. Today the bank is 25 percent bigger at more than $2.1 trillion.
Despite extensive postmortem analysis on the financial crisis and the universal conclusion that capital concentration is dangerous, too big to fail rages on. In fact, the agency mandated a year ago to monitor this very risk factor isn't even fully functioning and remains leaderless.
At the same time (and more cavalier than three years ago), politicians are hurling ideological barbs at each other, while failing to acknowledge the economy for what is—an engine of prosperity.
Two recent articles in the Lyceum newsletter Perspectives address the worsening political climate in Washington and argue the benefits of simply letting private industry do what it can do.
As long as political extremism overheats the United States and Europe, the challenges of restoring economic recovery and long-term growth will remain unmet. The horrific shooting tragedy in Norway should shake each and everyone of us awake.
It exposes a tense political environment that extends beyond the tiny Scandinavian country. It underscores the need to resolve festering financial problems.
Read "The Path to Growth" and "A Dangerous Political Climate" in Perspectives here.
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