Bankster Watch: Warren Destroys Yellen’s Position On “Too Big to Fail”

By NotQuant: This dialogue hasn’t received nearly as much attention as it deserves. As we predicted this morning, Warren would grill Yellen over TBTF. And Yellen would do little more than say the Fed is “looking into it”.

Sure enough, Yellen repeatedly attempted to deflect the issue. Warren was having none of it.
 
This single clip summarizes the entire issue with TBTF:  It is abundantly clear that the US Fed has zero intention of addressing the issue.

There’s so much here it’s hard to know where to begin.   Elizabeth Warren hits the nail exactly on the head: The purpose of section 165 of Dodd Frank is to insure that there is a credible, rapid and orderly mechanism for resolving failed banks.   If such a mechanism does not exist, the authority to break up the bank is granted.   In the case of JP Morgan, such a mechanism does not exist. Source 

X art by WB7