Another Depression Looks More Likely Today

Today, another depression looks more likely in the coming decades. 

Government today is doing exactly what government did 100 years ago - - let the banks and Wall Street 'off the hook' and not fixing our banking situation after the great recession of 2008-2010, itself a repetition of the great banking panic of 1907-1908.  

Here's startlingly ominous data from economist Robert Reich.  Before the great recession, when banks were "too big to fail" and needed government bailouts, the top 5 banks in the U.S. owned 25% of all banking assets.  Today, the top 5 banks in the U.S. own 45% of all banking assets, an even riskier situation than that at the time the big banks caused the great recession.

Last month the government weakly approved a regulation that the top banks would need assets to cover their losses, so taxpayers would not need to bail them out again.  But only 2 of the largest 8 banks have the required assets. 

We need a new financial infrastructure for the 21st century.  Just like 100 years ago we needed a new financial infrastructure for the 20th century.  But it took the depression in the 1930s to push government to finally do it.  Not a bright picture on that front today either.