Granted, it is a huge jigsaw puzzle that even “all of the king’s horses and all of the king’s men cannot put back together again.” But there is enough evidence now to see the underlying problem: big banks have too much influence over the economy.

It is also evident that this problem is not being adequately addressed because of a secondary problem: that their position gives the big banks too much power over Congress.

I am not an economist, a banker, or a political party advocate. I stand far from the shore of where those events unfold, yet their gargantuan ripple has painfully affected me and those around me. Even I can see the obvious.

The obvious is that the underlying problem of too-big-to-fail has shifted financial and political power hugely in favor of the financial industry, to the disadvantage of taxpayers.

As John Simon and James Kwak write in their illuminating book, Thirteen Bankers, “If the conditions that led to this crisis are left in place, it would be folly to expect that another and worse crisis will not happen in the future.” Sadly, the recent Dodd-Frank legislation does essentially that: leaves conditions in place for possible future crises to occur.

In case you don’t know it, the Dodd-Frank bill is about policies, not procedures. It states what will be done, but authorizes other parties to devise the details of how to do it (such as how to regulate). In effect, the bill allows Congress to acknowledge that there are problems, then hand off the real fixing to someone else—with that someone else being regulators who tend to come from the Wall-Street-insider halls of government. In short, Congress is faking one way, but going the other.

The truth is that if this bill was really effective, it would be simple, clear, and a lot shorter. As it is (all 2,300 pages), it is too broad, complex, and open to interpretation. It leaves ample opportunity for loopholes, arbitrage, and future financial maladies; and it contains many provisions unrelated to financial reform (a common problem with legislation these days: throwing in a bunch of other stuff for other reasons).

Here’s my short version of what Congress should address:

If in crises you’re obliged to bail out large banks—commercial as well as investments banks, and customer deposits as well as the banks’ own (proprietary) betting on hedge funds—then you’re obliged to rigorously regulate them. On the other hand, if you’re not going to regulate them, don’t bail them out. In that case, make it law that you must let them fail. If you still believe what Ronald Reagan said—that “government is the problem”—then don’t let government be the solution to a failure of the financial system. And while you’re at it, return to a division between commercial and investment banks. And make hedge funds transparent.

As Simon and Kwak state in their book, the size of financial institutions—in particular the 6 largest (remaining) banks—should be limited to a point where their possible failure cannot cripple the rest of the system. The authors add that: “Saying that we cannot break up our largest banks is saying that our economic futures depend on these six companies (some of which are in various states of ill health). That should frighten us into action.”

It is indeed frightening a lot of people, but that does not deter banks or politicians who stand to lose considerable profit and power if regulations become law. Their worries about this (and the power of their political reach) are reflected in the probable non-appointment of Elizabeth Warren as head of the new Consumer Financial Protection Bureau (CFPB) which would oversee consumer regulations.

Watch the full episode. See more Need To Know.

In a recent New York Times editorial endorsing Ms. Warren, the authors put it aptly: “The banks don’t oppose Ms. Warren because she doesn’t get it. They oppose her because she does.” As a result, it won’t be a surprise to see Ms. Warren become, not the head of CFPB, but the next Brooksley Born, former director of the Commodity Futures Trading Commission (CFTC) who wanted to start regulating over-the-counter derivatives in 1998. Ms. Born was summarily shut up by the administration and Congress, only to have her prognostications start proving true a few years later, then become convincingly true in 2008.

For a revealing look at Ms. Born’s story, watch the Frontline piece at top about how events unfolded. You can learn more about Elizabeth Warren and how she envisions the role of the CFPB in the PBS video interview above. Both of these videos are worth the time spent to watch them, especially if you want a good overview of where we are.

Back to what needs to be done now, there is another simple, pivotal question: What will it take for the President and Congress to find their conscience, rediscover their original grand purpose as public servants, and agree that the big banks hold too much sway over the economy and the government—a situation that puts our economic and political systems and entire social fabric at extreme risk?

So far, their wisdom and humanity are not prevailing over their special interests and politics. Which means that the only other answer to these questions is time—and the bitter taste of more experience which they, and we, must endure.

Better buckle up. As Creedence Clearwater Revival says: “Looks like we’re in for [more] nasty weather. There’s a bad moon rising.”

In addition to regular posts about art, music, dance, and theatre, we have two special columns which you can see in the left column of the page.

The first is “Looking at Charleston” which offers a unique view of historic architecture on the peninsula—homes, churches, and public buildings. All the material comes from unpublished writings of Gene Waddell who is an architectural historian and now the archivist at the College of Charleston Library. This is not your typical tour of downtown (who lived where, how many surviving ancestors they have, and how many times the building burned). No, it is about architecture: who the architects were, where they learned their design concepts, why they chose these particular designs, which materials they selected and why, and how the buildings were built. It is a guaranteed to give you a fresh perspective on the city, literally, around you.

The other column is “A Nuff is a Nuff” which is co-authored by our friends Harriet (Hattie) and Goodwin (Goodie) Nuff. Their view of life is from the practical human side. They don’t always agree, but both have worthwhile things to say. And they’re fun. You’ll see. Watch, too, for Goodie’s cousin who may write in occasionally: Itzhak (Itzha) Nuff.

We’ve also got other fun and reflective columns coming soon. As well as plenty more about the cultural season ahead of us this Fall and Spring.

Take a peek at CharlestonToday.net.

In that inner territory of solace, you rediscover that you have everything you need, which is nothing. Simple being, presence, awareness—whatever you want to call it. The only true sanctuary. The only real possession. The only guaranteed security. The utmost accomplishment of enduring worth. Always near at hand. •

Of course, the only value they had was as skipping rocks. Nothing glided so smoothly or effortlessly across the waves as they did.

Some months ago, while strolling on Folly Beach, I chanced upon one of these now rare jewels (fully intact). It sits motionless on a table at home, dry and white. But it gives me a special joy each time I look at it. The joy of timeless days at the beach, in the surf, heedless of the sun. A priceless currency, for sure. •

She said recently: “Sometimes my mind just goes blank and I don’t think about anything.” Ah, to be a child. (It’s still possible. We just forget now and then.)

A large coin in one hand and a still bloody tooth in the other

With hand outstretched, waiting for the reward (while sleeping)

Crape myrtles in Winter

The version we see all over this area is the Common Crape-myrtle (Lagerstroemia indica) which came from China and Korea. According to Wikipedia, it was introduced to the United States in Charleston around 1790 by a French botanist, Andre Michaux, who lived here for 10 years. Monsieur Michaux was a diplomat as well as a botanist who was sent by Louis XVI in 1785 to investigate plants that could be of value in France. The Carolina lily (Lilium michauxii), Michaux’s Saxifrage (Saxifraga michauxii) and several other plants are named for him.

Crape myrtles in early Summer

Around 1792, Thomas Jefferson asked Michaux to undertake an expedition similar to the Lewis and Clark Expedition that would follow a decade later. Interestingly, at the time of Michaux’s journey, Meriwether Lewis was an 18-year-old Jefferson protege who asked to go with Michaux and was turned down by Jefferson—yet another example of how good, sometimes extraordinary, opportunities come to those who have to wait.

Detail of the pink blossom

The  name “Crape” supposedly comes from the fact that the pedals of the flower have a crinkled crepe-like shape and texture. At a distance, the tree in full bloom makes a powerful and ethereal impression that can stop you in your tracks and make you marvel at the intricacy and designs of Nature. ¶

Learn more about the crape myrtle species.

Filip explained that the 35–40 member crew—accompanied by 12 officers—are high school students from Sweden. A small group of them on ‘watch’ were leisurely doing maintenance and (unofficially) welcoming visitors aboard. Most of them seemed very relaxed or very tired, as befits high school students.

Gunilla in port at Charleston

Imagine the opportunity as a teenager to cross the Atlantic in a 160-foot “square-rigged barque”—sailing, studying, and visiting beautiful places. What a way to spend your Spring semester. In the video below you can see some of the ship close up and hear Filip talk about his experience.

Thanks to TheDigitel for pointing out the T/S Gunilla’s visit to Charleston. To learn more about the ship, visit www.theDigitel.com.

Here are pictures from some of the language fair booths. And don’t miss the two videos below (the Russian dancer and the Chinese dragon)—just two of the performances put on by students.

Russia

Japan

Brazil

India

Thanks is owed to Liz Martinez for organizing this event. It’s refreshing to see the impact that the language departments are having at the college.

You can also watch a cultural awareness video put together by language students at the College (open this link, and scroll down to the YouTube video).