Markets & Economy

Banks have raised capital, now let them take risks

Commentary: Joint assault on banks from the left and right jeopardizes credit, economy

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In a week without economic news, markets very quiet, take time for the foibles, flights, fantasies, and filberts of public policy and human nature. Whenever the hard right and hard left agree, duck and cover. Take, for example, Syria. The right and left both want to intervene. The right confuses war with video games, and hasn't learned a thing since Vietnam. The left is oblivious to contradiction -- violence is good if for humanitarian cause, exit optional. On another front, left and right are joined in a shouting, one-up competition to see who can do the most damage to banks, credit, and the economy. The right despises modern banking because it's ostensibly a government scheme. The Fed is a conspiracy. Government won't allow losses, the punishment that keeps people in line. Won't break up big banks and go back to the good old days of small-town bankers saying "yes" to the right kind of people. And the right hates all those mister-fancy-pants and electronic money. Even t...