Former White House economic adviser Gary Cohn told Bloomberg that social media companies like Facebook are a larger societal danger than were banks before the financial crisis, due to their dissemination of misinformation.
Said Cohn: “In ’08 Facebook was one of those companies that was a big platform to criticize banks, they were very out front of criticizing banks for not being responsible citizens. I think banks were more responsible citizens in ’08 than some of the social media companies are today.”
He added: “And it affects everyone in the world. The banks have never had that much pull.”