Why we have big banks

The New York Fed tells us:

• Primary dealers are banks and securities brokerages that trade in U.S. Government securities with the Federal Reserve System.

• As of September 2008, there were 19 primary dealers.
• Primary dealers' daily average trading volume in U.S. Government securities approximately $570 billion during 2007.

Unless we find another global reserve currency, Congress itself will require Too Big to Fail banks, they are a necessity.