Cathy O'Neil: There are lots of ways to break up the big banks

Cathy O'Neil writes that There are lots of ways to break up the big banks.

Which is why, when I hear people complaining about Sanders not have a specific enough plan for breaking up the big banks, I think it’s hogwash. What Sanders has, which is sorely needed, in fact is the crucial missing ingredient to any discussion around big banks, is the political will to do something. Once the political will is there, the details can be sorted out by people who think about this stuff all the time.

Emphasis Mine

This is probably the best response to criticism from people like Menzie Chinn who looks at The Financial Regulatory Policies of Senator Sanders…Again:

As I’ve noted before, Senator Sanders has unique views on financial regulation. I’ve never quite understood the specifics of the “break up the banks” proposal, and after his interview with the New York Daily News and subsequent “clarification”, understood even less.

What we have is a deep division within the political Left. There are those who, like O'Neil and Sanders, see the need for a political revolution in order to save the Capitalist system. And there are those, like Chinn, who see that the system is safe with the current establishment which Hilary Clinton represents as the remaining credible presidential candidate.

Out on the far margins, there are people like me who support the nationalisation of the banks. They serve an economic and political function. They are not profit centres.