Today, while regulators struggle with banks to get the derivatives market under control, these gambling instruments are being used just as dangerously as they were leading up to the recession. In fact, the banks and traders are even more aggressive now.
Arguably the most important threat facing the world right now is human-caused global warming. Common sense dictates that this issue be identified and addressed, but the technocrats' obsession with an economic plan is divorced from the reality of increasing planetary disasters.
Not one of the executives at any of the 10 or so giant international investment banks in the U.S. and Europe that imploded the financial system five years ago by using illegal trading methods has gone to jail, or even been prosecuted. Why hasn't more been done? That's a good, and frustrating, question.
Five years after the Great Recession of 2007-08 destroyed the lives of millions of people and cost trillions of dollars, many of the big investment banks that caused the near total meltdown are still involved in shady and sometimes criminal financial gambling schemes that could crash the world economy again.
The banking industry is getting personal in its tireless fight against regulation. Jamie Dimon, chief executive of JPMorgan Chase and the industry's regulation-basher in chief, has called for a sit-do...