Sanders Proposes Breaking Up Too-Big-To-Fail Banks   Leave a comment

If a bank is either, (a)too-big-to-fail, (b)too-big-to-send-the bankers-to-jail, or (c) both, then they damn well should be broken up…quoting a HuffPost article by VT Sen. Bernie Sanders:

Breaking up the too big to fail financial institutions is a notion that has drawn support from some leading figures in the financial community. Richard Fisher, president of the Dallas Federal Reserve Bank, wrote this: “The safer the individual banks, the safer the financial system. The ultimate destination — an economy relatively free from financial crises — won’t be reached until we have the fortitude to break up the giant banks.” James Bullard, the head of the St. Louis Fed, also weighed in. “I do kind of agree that ‘too big to fail’ is ‘too big to exist.'” Thomas Hoenig, the former Kansas City Fed president, was an early supporter of the idea of breaking up big U.S. banks. “I think [too big to fail banks] should be broken up. And in doing so, I think you’ll make the financial system itself more stable. I think you will make it more competitive, and I think you will have long-run benefits over our current system, which leads to bailouts when crises occur.”

In my view, no single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation’s economic wellbeing. No single financial institution should have holdings so extensive that its failure could send the world economy into crisis. And, perhaps most importantly, no institution in America should be above the law. We need to break up these institutions because of the tremendous damage they have done to our economy.(Daily Kos)

For what it’s worth, they can start with Bank of America & Wells Fargo; both of ’em are based here in North Carolina and they spare no expense screwing over customers at any opportunity…

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Posted March 29, 2013 by Matthew in Uncategorized

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