Professional Documents
Culture Documents
since 1865
Inside
2
Letters
Editorials & Comment
5 Noted
8 Bank-Buster Brown
WILLIAM GREIDER
Columns
6 Deadline Poet
Kim Jong-un, Dictator of North Korea and
BFF of Dennis Rodman, Threatens to Use
Nuclear Weapons Against the United States
CALVIN TRILLIN
Articles
11 Chvez: Why Venezuelans Loved Him
He transformed the countrys economy
and society in fourteen tumultuous years.
GREG GRANDIN
17 A Brooklyn Corner
Day laborers who clean for ultra-Orthodox
Jewish households are learning their rights.
E. TAMMY KIM
The Nation.
The Nation.
EDITOR & PUBLISHER: Katrina vanden Heuvel
PRESIDENT: Teresa Stack
MANAGING EDITOR: Roane Carey
LITERARY EDITOR: John Palattella
EXECUTIVE EDITORS: Betsy Reed, Richard Kim (online)
SENIOR EDITORS: Richard Lingeman, Emily Douglas (online)
COPY DIRECTOR: Rick Szykowny
COPY CHIEF: Judith Long
ASSOCIATE LITERARY EDITOR: Miriam Markowitz
ASSOCIATE EDITOR: Liliana Segura
ASSISTANT COPY EDITOR: Matthew Grace
COPY ASSOCIATE: Lisa Vandepaer
WEB EDITORIAL PRODUCER: Francis Reynolds
COMMUNITY EDITOR: Annie Shields
RESEARCH DIRECTOR/ASSISTANT EDITOR: Kate Murphy
ASSISTANT TO THE EDITOR: Barbara Stewart
INTERNS: Alleen Brown, James Cersonsky, Catherine Defontaine, Andrew Bard Epstein,
Luis K. Feliz, Elana Leopold, Alec Luhn, Anna Simonton (Washington), Cos Tollerson,
Sarah Woolf
WASHINGTON: CORRESPONDENT: John Nichols; REPORTER: George Zornick
NATIONAL AFFAIRS CORRESPONDENT: William Greider
EDITOR AT LARGE: Christopher Hayes
COLUMNISTS: Eric Alterman, Melissa Harris-Perry, Naomi Klein, Katha Pollitt,
Klare; Environment, Mark Hertsgaard; Films, Stuart Klawans; Legal Affairs, David Cole;
National Security, Jeremy Scahill; Net Movement, Ari Melber; Peace and Disarmament,
Jonathan Schell; Poetry, Jordan Davis; Sex, JoAnn Wypijewski; Sports, Dave Zirin;
United Nations, Barbara Crossette; Deadline Poet, Calvin Trillin
CONTRIBUTING EDITORS: Kai Bird, Robert L. Borosage, Stephen F. Cohen, Marc Cooper,
Arthur C. Danto, Mike Davis, Slavenka Drakulic, Robert Dreyfuss, Susan Faludi, Thomas
Ferguson, Doug Henwood, Max Holland, Michael Moore, Christian Parenti, Richard
Pollak, Joel Rogers, Karen Rothmyer, Robert Scheer, Herman Schwartz, Bruce Shapiro,
Edward Sorel, Jessica Valenti, Jon Wiener, Amy Wilentz, Art Winslow
CONTRIBUTING WRITERS: Ben Adler, Ari Berman, William Deresiewicz, Lee Fang, Liza
Featherstone, Laura Flanders, Dana Goldstein, Eyal Press, Lizzy Ratner, Scott
Sherman, Kai Wright
BUREAUS: London, Maria Margaronis, D.D. Guttenplan; Southern Africa, Mark Gevisser
EDITORIAL BOARD: Deepak Bhargava, Norman Birnbaum, Barbara Ehrenreich, Richard
Falk, Frances FitzGerald, Eric Foner, Greg Grandin, Philip Green, Lani Guinier, Tom
Hayden, Ilyse Hogue, Tony Kushner, Elinor Langer, Deborah W. Meier, Toni
Morrison, Walter Mosley, Victor Navasky, Pedro Antonio Noguera, Richard Parker,
Michael Pertschuk, Elizabeth Pochoda, Marcus G. Raskin, Kristina Rizga, Andrea Batista
Schlesinger, Dorian T. Warren, David Weir, Roger Wilkins
ASSOCIATE PUBLISHER, SPECIAL PROJECTS/WEBSITE: Peter Rothberg
ASSOCIATE PUBLISHER/DEVELOPMENT: Peggy Randall
DIRECTOR OF FINANCE: Mary van Valkenburg
VICE PRESIDENT, ADVERTISING: Ellen Bollinger
ADVERTISING DIRECTOR: Amanda Hale
VICE PRESIDENT, CIRCULATION: Arthur Stupar
CIRCULATION MANAGER: Michelle OKeefe
CIRCULATION FULFILLMENT MANAGER: Katelyn Belyus
VICE PRESIDENT, PRODUCTION/MARKETING SERVICES: Omar Rubio
PRODUCER/WEB COPY EDITOR: Sandy McCroskey
DIRECTOR OF NATION BUILDERS/INVESTOR RELATIONS: Joliange Wright
NATION BUILDERS ASSISTANT/AD SALES PLANNER: Loren Lynch
PUBLICITY DIRECTOR: Caitlin Graf
CIRCULATION/BUSINESS ASSISTANT: Vivian Gmez
DIRECTOR, DIGITAL PRODUCTS: John W. Cary
DIGITAL PRODUCT MANAGER: Joshua Leeman
TECHNOLOGY MANAGER: Jason Brown
CONTROLLER: Andrew Vecchione
ASSISTANT TO VICTOR NAVASKY: Mary Taylor Schilling
DATA ENTRY/MAIL COORDINATOR: John Holtz
ASSISTANT TO THE PRESIDENT: Kathleen Thomas
COMMUNITY COORDINATOR/BUSINESS ASSISTANT: Sarah Arnold
ADVERTISING ASSISTANT: Kit Gross
ACADEMIC LIAISON: Charles Bittner
PUBLISHER EMERITUS: Victor Navasky
LETTERS TO THE EDITOR: E-mail to letters@thenation.com (300-word limit). Letters are subject to
editing for reasons of space and clarity.
INTERNET: Selections from the current issue become available Thursday morning at TheNation.com.
Printed on 100% recycled 40% post-consumer acid- and chlorine-free paper, in the USA.
April 1, 2013
The Nation.
April 1, 2013
The Nation.
JONATHAN SCHELL
April 1, 2013
Bank-Buster Brown
In olden days, it used to be that the bad
guys robbed the banks. Now it seems the bad guys are running
the banks, at least the big ones, and robbing the rest of us.
Nearly every day, newspapers have another disturbing report
about how the largest and most influential banks managed
to escape prosecution for their blatant fraud or else finagled
outrageous subsidies and profits from their
monopolistic dominance of the financial
COMMENT
system. The worst that happens to privileged bankers who are too big to fail is an occasional scolding
lecture from angry members of Congress.
Democratic Senator Sherrod Brown, fresh from his impressive re-election victory last fall, is back again with a
simple, straightforward solution: make the big boys smaller.
He is introducing legislation, co-sponsored by Republican
Senator David Vitter, to break up the half-dozen mega-banks,
setting a hard cap on their size. This forced downsizing would
make space in the marketplace, allowing many more midsize
and smaller banking institutions to flourish. It could also protect the nation from another disastrous bailout of Wall Street
at public expense.
Its not just that they are too big to fail, the senator says.
They really are too big to understand and too big to manage.
They are certainly too big to regulate. And they have only
gotten bigger since the financial crisis. The concentration of
banking power in a few big-name firms was already dangerous.
Now it is even more dangerous.
Senator Brown explains, The four largest behemoths, now
ranging from $1.4 trillion to $2.3 trillion in assets, are the result of thirty-seven banks merging thirty-three times. In 1995,
the six biggest US banks had assets equal to 18 percent of GDP.
Today, they are about 63 percent of GDP.
In earlier eras, such a gross distortion of the economy
would have prompted popular outrage, political campaigns
for reform, then government legislation. In our time, the outrage is plentiful, but the political system is dead in the water.
Despite the vast destruction produced by the concentrated
banking system, neither party wants to embrace the remedy
Brown proposes.
The Dodd-Frank reform law of 2010, incomplete though
it was, has been utterly stymied by the billion-dollar lobbying
campaign of the financial sector. Nearly three years later, fewer
than half of the regulations needed to implement Dodd-Frank
have been completed. The presidents proud boast that the law
put an end to too big to fail banks has been twisted into Wall
Streets sick little inside joke.
Its not just the economic power these guys have, its the
political power, Brown says. The inability to get these new
rules in place is the result of these lobbying pressures from
Wall Street.
Brown is guardedly optimistic that this can be changed. In
2010, when he proposed the same concept as an amendment
to Dodd-Frank, he says he would have needed sixty votes to
pass it, but got thirty-three. Yet afterward he told me he was
Copyright of Nation is the property of Nation Company, L. P. and its content may not be copied or emailed to
multiple sites or posted to a listserv without the copyright holder's express written permission. However, users
may print, download, or email articles for individual use.