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.”

They’re doing it right at The Glass Onion restaurant on Highway 17, just past the intersection of Farmfield Avenue, on the left. As they say, “We strongly believe in the importance of eating seasonally, locally, and naturally. So, you can expect all natural meats, local seafood, and vegetables from as close to home as we can get.”

Don’t miss the fried chicken livers. If you’re on a tight budget, go for the 4 sides for $7.

And their cornbread—how did they do that?

You’ll find owner Sarah O’Kelley—with her signature hair bandanna—busing tables and working the register in a funky building whose original claim to fame is that it housed the first Seven-Eleven store in South Carolina. It’s got new fame now, though. And lots of repeat customers. •

Learn more

Get directions

Kseniya Simonova, Ukranian sand artist

Ever seen a sand artist? Wow.

Watch this Ukrainian teenager telling—“drawing”—the story of Ukraine during WWII.

Click the image to see the video.

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.

Pear by Lisa Shimko

This “Pear” by Lisa Shimko seemed the most subtle, symbolic, and sensual (and smallest) work in the show. Had it been at the Corrigan Gallery, it would have surpassed everything there in terms of its vivid, tactile sexuality—and in this case its femininity.

More than that, it heightened my awe of the designs of Nature and whoever or whatever is behind those designs. The more I looked at it, the more beautiful it became. One of the signs of good art. •

Adam & Eve by Julia Trops

MEN HAVE PENISES. Women have vaginas. Both have breasts and nipples. And depending on the circumstances, they can all change size and shape.

Really, that’s all there is to it. Except that all of it is also remarkable and wonderful. So why the fuss about displaying nude art, even when it gets “graphical?”

Unfortunately, when it is treated poorly—and especially when it is forbidden—nude art becomes offensive not for what it shows but for how it corrupts the natural beauty and sensuality of the human body. Treated well, it conveys an evocative poignancy as nothing else can.

Even more unfortunately, there are people who, for a variety of reasons, have an extreme or disturbed relationship to sex and sexuality. But nude art displayed in galleries is not, to my knowledge, breeding or worsening those exceptions to the rule. And even though I just got my second email in two days from my daughter’s kindergarten about purported sex offenders approaching children, I would not keep her from nude art.

Sketch by Robert Henri

I remember when our female neighbor in California died of cancer last year. We knew it was happening and when it finally did, my daughter asked if she could go see Constance in her bed where she had died at home. We went and my daughter stood next to Constance’s motionless body for a few minutes, studying her face. Then she said, “The difference between people who are alive and dead is that when they’re dead they don’t have lips.” And we walked back across the lawn to our house.

Some hours later, my daughter asked if she could go see Constance again, so we did. Once again, she innocently, fearlessly studied the dead body (I was more uncomfortable than she was). She then walked outside where a group of adults were sitting with morose faces and declared, “Constance is not dead. Her spirit is alive all over the sky.” Needless to say, the mood changed. And we once more walked back to our house.

Sex, death, and life need exploration. The more, the better. The more freely, the healthier. The more beautifully, the happier. We don’t have to advertise or share or endlessly discuss all of them. But they are all there as the largest forces in our lives whether we know it or not. •

Ready to hit the trail

Now and then it is a good idea to get out of town for variety, out of the heat for your sanity, and away from the ocean for change of pace. Lots of people go to the mountains, but why not shoot high—more than a mile high—and go all the way to the North Carolina-Tennessee border and walk on the Appalachian Trail? The air is cool and thin, and on a clear day you can see five states (at least that’s what a local hiker told us). We came to the trail just above Bakersville, NC on Highway 261 (follow 26 to 19 to 226 to 261).

With North Carolina in the background

From the parking lot, it was an easy walk through pristine forest on a well-worn gravel path that brought us quickly to the mountain top. Manicured grounds and a sweeping 360-degree view were waiting. The perfect spot for contemplation or a picnic, or both. Of course, we talked about coming back at sunset with wine. Maybe next time?

Way down the mountain, over a ridge to the south, lies the churn and charm of Charleston which we will see again soon enough. For now, we let them be. It’s time to look around, clear our heads, and touch the sky.

When wearied, I mount on the bird of light and empty air,
And wander in the region of non-identity,
To dwell in the wilderness of desert space.
~ Kwang-Tze

· Get directions to Bakersville, NC

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. •