The crypto industry found out that they can buy a lot, but they can’t buy all the power away from the big banks.
banking
Posted inEconomic Policy
Trump’s Persecution of Jerome Powell Is Even Crazier Than It Looks
The Trump administration is carrying out a corrupt prosecution of the Federal Reserve chair. But messing with Fed independence might spark inflation, and everyone hates that.
Posted inMoney, Politics, and Power
Another Biden Financial Regulator Spins Through the Revolving Door
Michael Hsu, former OCC head, has joined a VC firm backing crypto and fintech companies.
Posted inEconomic Policy
Pick Your Financial Crash
What are the risks of a financial crash in the coming year? Let us count the ways.
Posted inEconomic Policy
Your Money Means Market Power for Banks
Deposits are the raw materials with which bankers play, the key to unlocking market power, as giants like Bank of America and JPMorgan Chase demonstrate.
Posted inEconomic Policy
Credit Unions Go Large and Go Rogue
Intended to bolster local access to lending, large credit unions today are swallowing up community banks. A Trump purge has reduced their oversight to one regulator.
Posted inEconomic Policy
Making Banking Supervision Suck Again
Bank supervision consists of two main prongs: risk management and compliance. On the compliance side, consumer protection laws are being enforced less than at any time since at least the Great Recession.
Posted inVideos
The Prospect Weekly Roundup: Crypto Party in Cowboy Country
David and staff writer Whitney Curry Wimbish talk about how crypto bought Congress and how Wyoming is becoming the crypto capital.
Posted inEconomic Policy
Big Banks Behaving Badly
Decades of consolidation have made large financial institutions the primary partners for small businesses. Two case studies show how banks destroy businesses with automated systems, rather than personal relationships. Meanwhile, America’s relatively meager safeguards are being radically dismantled.
Posted inMoney, Politics, and Power
Down and Out on the Crypto Frontier
In Wyoming, the Delaware of cryptocurrency, industry players celebrated their fortunes and said everyone will benefit. But workers haven’t seen it.