Just five years after they played a primary role in engineering the worst financial crisis since the Great Depression, America’s big banks are quietly setting the world up to do it all over again.
Only this go-round the costs will be far higher and the damage much worse. This time the fall could be $2.6 trillion or more.
Let me explain.
It started back in the mid-2000s. Wall Street was busy packaging low-rated subprime loans into securitized offerings that were somehow worth more…