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Thread: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by danarhea View Post
    Damn, where's Teddy Roosevelt when we need him?
    And bring back the Glass–Steagall Act while they are at it.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by poweRob View Post
    Democratic Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Ohio Sen. Sherrod Brown (D) took the Senate floor today to argue against Wall Street mega-banks that have been deemed “too big to fail” and thus receive the implicit backing of the federal government, arguing that lawmakers should act immediately to break up the big banks that now have assets worth more than three-fifths of the American economy.

    Between Sherrod Brown and Elizabeth Warren, I sure hope we can get some traction on moving this along. Whining that we can't do anything about a bank that is too big to fail is basically saying that they are guaranteed backed with future taxpayer bailouts no matter how they perform their business.
    As far as I am concerned if they are too big to fail then they too big to exist and therefore should not exist in the first place.A company going out of business should not be a threat to the country or its economy.
    Last edited by jamesrage; 03-02-13 at 03:39 PM.
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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Even old Ayn Rand protoge' Alan Greenspan is on the list. Bit of a shocker to see.

    Stunning List of Economists, Financial Experts and Bankers Say We Need to Break Up the Big Banks


    Nobel prize-winning economist, Joseph Stiglitz

    Nobel prize-winning economist, Ed Prescott

    Nobel prize-winning economist, Paul Krugman

    Former chairman of the Federal Reserve, Alan Greenspan

    Former chairman of the Federal Reserve, Paul Volcker

    Former Secretary of Labor Robert Reich

    Current Vice Chair and director of the Federal Deposit Insurance Corporation – and former 20-year President of the Federal Reserve Bank of Kansas City – Thomas Hoenig (and see this)

    Chief Stability Officer at the Bank of England, Andrew Haldane (and see this and this)

    Former Federal Reserve Bank of New York economist and Salomon Brothers vice chairman, Henry Kaufman

    Dean and professor of finance and economics at Columbia Business School, and chairman of the Council of Economic Advisers under President George W. Bush, R. Glenn Hubbard

    Former chief economist for the International Monetary Fund, Simon Johnson (and see this)

    President of the Federal Reserve Bank of Dallas, Richard Fisher (and see this)

    President of the Federal Reserve Bank of St. Louis, Thomas Bullard

    Deputy Treasury Secretary, Neal S. Wolin

    The Congressional panel overseeing the bailout (and see this)

    The former head of the FDIC, Sheila Bair

    The head of the Bank of England, Mervyn King

    The Bank of International Settlements (the “Central Banks’ Central Bank”)

    The International Monetary Fund

    The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz

    Economics professor and senior regulator during the S & L crisis, William K. Black

    Leading British economist, John Kay

    Economics professor, Nouriel Roubini

    Economist, Marc Faber

    Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales

    Economics professor, Thomas F. Cooley

    Economist Dean Baker

    Economist Arnold Kling

    Chairman of the Commons Treasury, John McFall

    The Director of Research at the Federal Reserve Bank of Dallas, Harvey Rosenblum

    Director, Max Planck Institute for Research on Collective Goods, Bonn, and Professor of Economics, University of Bonn, Martin Hellwig

    Even current Fed chairman Ben Bernanke says that the big banks should be downsized
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    While the government is in control yes they should be, however I what would really eliminate "systemic risk" is free banking.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    If the right and the left in public want it and our representation is about as far away from doing it as possible... doesn't say much for the representation we have... don't have up there.
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by fmw View Post
    The government did have to bail out the banks. The government wanted to bail out the banks. They forced most of the bail out money down the throats of banks that didn't want it.


    If big banks fail...

    Citi is something like 20 percent of US bank assets. By contrast, back in the Savings & Loan crisis, ALL of the S&L's COMBINED were less than 10 percent of US bank assets.

    Here's what happens if a company as large as Citi fails:

    - Investors and depositors, fearing failure of smaller banks, would take their money out, triggering further bank failures across the country.
    -There would be less money available for loans to support economic recovery"

    http://ac360.blogs.cnn.com/2009/03/0...ig-banks-fail/
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by Catawba View Post
    And I have a bridge in London that you may be interested in.
    I believe it's in Lake Havasu City, AZ these days.
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by poweRob View Post
    Democratic Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Ohio Sen. Sherrod Brown (D) took the Senate floor today to argue against Wall Street mega-banks that have been deemed “too big to fail” and thus receive the implicit backing of the federal government, arguing that lawmakers should act immediately to break up the big banks that now have assets worth more than three-fifths of the American economy.

    Between Sherrod Brown and Elizabeth Warren, I sure hope we can get some traction on moving this along. Whining that we can't do anything about a bank that is too big to fail is basically saying that they are guaranteed backed with future taxpayer bailouts no matter how they perform their business.
    I think it's sweet (a little sad, but sweet) that you honestly think that either of those two individuals are interested in a vibrant banking sector made up of many competing entities, vice a few big players that are closely "regulated" and donate "regularly" to the "regulators".


    So much for Dodd-Frank saving us all from Too Big To Fail, eh? Gosh, if I were a cynical fellow I might suspect that was never the intent.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Quote Originally Posted by Wiseone View Post
    And bring back the Glass–Steagall Act while they are at it.
    Why? Do you think it would have made a difference to (say) Bear Stearns or Lehman Brothers? What about Countrywide, Washington Mutual, Wachovia? The first two were pure investment banks. The last three were commercial lenders that managed to mismanage themselves to destruction without going into investment banking.

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    Re: Senator Renews Call To Break Up Banks That Are ‘Surely Still Too Big To Fail’

    Break up the too-big, too-dangerous banks

    WASHINGTON (MarketWatch) March 01, 2013— "There’s not much that the far left and the far right can agree on, but here’s one thing that both accept: The biggest banks are still too big and too dangerous.

    Quite a few knowledgeable people in the middle also agree that the largest banks are still too big to fail, that they receive an implicit subsidy from the taxpayers, and that they remain a threat to the global economy.

    It’s not yet a mainstream view, but there is a renewed recognition on the left, the right and in the center that the only way to end “too big to fail” is to simply make it impossible for banks to get too big. Keep banks small.

    The largest U.S. banks — J.P. Morgan Chase (US:JPM), Bank of America (US:BAC), Citigroup (US:C), Wells Fargo (US:WFC) and Goldman Sachs (US:GS) — have gotten larger since the crisis. These five banks have assets equivalent to 55% of U.S. gross domestic product, up from 43% of GDP in 2006. They dominate the U.S. financial system, with more than 40% of bank deposits and assets.


    The biggest banks in other developed countries are even more dominant in their markets, which is a big reason the euro crisis and the stagnation in Japan have festered for so long. Fixing the problem would hurt the banks, and you can’t hurt the banks without trashing the economy.

    These large institutions were at the core of the 2008 global financial meltdown, responsible for most of the losses, and all of the systemic risk. As they began to implode, they received trillions of dollars of bailouts, emergency loans and other taxpayer support to keep them alive. The bailouts were necessary, we were told, because the failure of the biggest banks would have been catastrophic."

    "Lehman’s collapse set in motion a cascading wave of failure that brought the global economy to its knees in a matter of days."

    - See more at: Break up the too-big, too-dangerous banks - MarketWatch
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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