Inaction was not an option. The bankers had occupied the economy for well over a decade. It had become covered in collateralized debt obligations, credit default swaps, derivatives of derivatives, and other cumbersome financial instruments, making it next to impossible to navigate for the public?and for the regulators who are responsible for guaranteeing the public?s safety. The dangers posed were evident in an incident in 2008 in which bankers crashed the economy, doubled unemployment, reduced household wealth by trillions of dollars, threw millions of Americans out of their homes, widened the gap between rich and poor, and triggered the worst global downturn since the Great Depression. While this may have been an isolated incident, I became increasingly concerned that the occupation might come to pose a hazard. Make no mistake?the decision to act was mine.
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