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Too Big to Fail

As we learned only too well with the advent of the Great Recession, America’s big banks were only too willing to play their customers for fools, packaging and selling products that were doomed to fail—all to skim more and more money from the pockets of the American consumer.

And with this practice, they bet against their own game in a play to make billions more … and nearly brought down the financial system of the United States. In the process, they rocked the world financial system and our global economy. Yet, many in the labor movement continue to bank with these same financial institutions even as they criticize them for their institutional greed, recklessness and arrogance.
With the crash of the stock markets in late 2008 and the disastrous downturn in home and land values, all that the average citizen and the average union member had worked for all their lives had suddenly become at risk—especially our hard-earned pension plans. Pension plans whose funds, unfortunately, still remain in the custody of these irresponsible mega-banks.
Not only did these “Too Big to Fail” banks nearly bring down the financial system of the United States, the resulting Great Recession threw our economy into a disastrous spiral, resulting in millions of unemployed citizens … among them hundreds of thousands of building trades members.