Libor. The mother of all Wall Street scandals

Robert Reich makes the key point that we must not let cynicism and fatigue stop us from demanding and insuring that the real reform comes to our financial sector.

When it comes to Wall Street and the financial sector in general, most of us suffer outrage fatigue combined with an overwhelming cynicism that nothing will ever be done to stop these abuses because the Street is too powerful. But that fatigue and cynicism are self-fulfilling; nothing will be done if we succumb to them.

The alternative is to be unflagging and unflinching in our demand that Glass-Steagall be reinstituted and the biggest banks be broken up. The question is whether the unfolding Libor scandal will provide enough ammunition and energy to finally get the job done.

If the big banks are allowed to continue their criminal behavior then in ten years we will be serfs. It’s that simple. The criminals running our big banks must be sent to prison and the banks must be broken up.