economist says the same. I know my opinion doesn't count for much but his should as should
Ms. Bair's.
Economist Johnson urges breakup of big U.S. banks(Reuters) - America's big banks must be broken up and their risk-taking curtailed or the world's richest economy will face another massive financial crisis, former IMF chief economist Simon Johnson says in a new book.
n "13 Bankers, The Wall Street Takeover and the Next Financial Meltdown," published on Tuesday, Johnson and his co-author James Kwak describe Wall Street as an oligarchy holding the country hostage to its risk-taking.
According to Johnson, when the financial crisis hit in 2008 and 2009 and the banking system was rescued with a government bailout, Washington made a crucial misstep.
"The process of saving them ... has allowed them to build themselves up so that their balance sheets are now bigger than they were before the crisis. That doesn't make any sense, the too big to fail problem has become worse."
"The crisis exacerbated the problem by allowing the largest banks to get bigger at precisely the moment that the government should have been doing everything in its power to make them smaller," Johnson told Reuters in an interview.
Now the six biggest banks are even bigger than they were in 2008, which means that unless there is significant reform of the financial system it is only a matter of time before there is another financial system collapse, the book contends.
Read the full article...click here
We as a nation are being manipulated, used and enslaved. Only the elite class will survive as most of what is being done - legislation, laws, rules and new agencies - are all for the purpose of creating a nation of "economic slaves" where the ruling "elite" hae and control everything.
Don't be fooled. Listen to our new jargon - Homeland Security, New World Order, Patriot Act, Too Big Too Fail, Bailout and more. All words that are made to sound democratic in a free society but words that actually mask the dark side of the truth that is rearing its ugly head.
Doesn't anyone wonder why some things never change from administration to administration and from Republican to Democrat control? Why you must ask, is everything always the same when they should be different?
Why did Obama follow the same "bailout" road that his totally different predecessor was on? Why are some members of the cabinet from different political parties but from the same fraternities? Why are so many Presidential advisers recycled from administration to administration?
To regain our democratic control and reinstate all of our constitutional rights we must start with the break up of these banks (monopolies) which in turn would diminish the role and power of The Fed - which must also go.
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Isn't this the same reason why Markopolos called SEC the biggest bunch of idiots in existence vis-a-vis their performance in the Madoff debacle?
ReplyDeletehttp://tinyurl.com/ybolcfj
William Black: "If The Obama Administration Continues This Way, It's Going To Have A Record Disaster At The Mid-term Elections"
ReplyDeleteIn this must watch Real News Network interview with William Black, the outspoken critic of all that is wrong and broken with the current system spares no words to once again denounce the (purposeful) ineffectiveness of the administration, and rightfully predicts that with Obama's current track record of inactivity in dealing with the corruption and criminality at the nexus of finance and politics, there will be a massive loss for Democrats at the upcoming mid-term elections. In Black's words: "We knew as soon as we saw Summers and Geithner that the finance side of the administration would be a disaster, but we hoped that political side would be preeminent and say a) this is substantively wrong to continue get in bed with finance and b) it's terrible politics. The democratic party will be crushed if it does this. The political side has failed to get involved. This is one of those rare things where doing the right thing is really good politics, so support candidates that will actually do the right thing. And if the Obama administration continues this way, it's going to have a record disaster at the mid-term elections. There's going to be a massive loss of democratic seats."
http://tinyurl.com/y9bn7qq