Joseph Stiglitz: Banks Too Big Fail

Posted by admin on Monday, May 15, 2023

Meaning of Joseph E. Stiglitz Money Quote: saying giant banks have become not only too big to fail, but too big for responsibility. Joseph E. Stiglitz said:

 

 

“We have banks that are not only too big to fail, but too big to be held accountable” — Joseph E. Stiglitz

 

 

The quote by Joseph E. Stiglitz suggests that large banks are so powerful and influential that they are unable to be held accountable for their actions. This could be interpreted in a few ways:

1. Too big to fail: The quote could be interpreted as meaning that these banks are so large and interconnected that their failure would have catastrophic consequences for the entire financial system, making it impossible to hold them accountable for their actions.
2. Too big to be regulated: The quote could also be interpreted as meaning that these banks are so large and powerful that they are able to avoid or evade regulations and oversight, making it difficult to hold them accountable for their actions.
3. Too big to be prosecuted: The quote could also be interpreted as meaning that these banks are so large and influential that they are able to avoid criminal prosecution for their actions, making it difficult to hold them accountable for their actions.

Overall, the quote suggests that the size and power of these banks can make it difficult to hold them accountable for their actions, which could be seen as a problem for the stability and fairness of the financial system.

Categories: finance Tagged:banksjoseph stiglitz