Don't mean he isn't right about the banks. Well, John Steinbeck was right anyway. I understand banks facilitate the movement of capital money through the worldwide system. I've read books from Marx (who was clueless) to Von Mises and beyond, I understand economics a little bit at least. What I fail to understand is how banks, producing nothing, essentially living off the works of others, is allowed to live so well. Compare the CEO of Caterpillar to the CEO of Wachovia, they both make millons, and that's okay, but why does the CEO of Wachovia make millions more when Caterpillar actually produces an end product.
I blame a lot of the discrepancies on the continued tolerance of the Third Bank of the United States that is known as the Federal Reserve. Getting rid of it would be painful, but the pain is probably necessary.