Thread: Giant Banks Are Trying to Make Bailouts Permanent.

Thursday, December 10, 2009

Giant Banks Are Trying to Make Bailouts Permanent.

They'll Succeed Unless We Raise a Ruckus

According to the following Democratic and Republican congress members, economists, financial experts and journalists, the "too big to fails" (with help from bank-friendly voices in Congress) are trying to make the bailouts permanent:

* Congressman Brad Sherman, who serves on the House Financial Services Committee, and was formerly an accountant, and other Democrats in Congress

* Congressman Spencer Bachus, the ranking Republican on the House Financial Services Committee, and other Republicans in Congress

* Former Fed chairman Paul Volcker

* Senior Harvard economist Jeffrey Miron

* Peter Wallison, financial policy study analyst at the American Enterprise Institute

* Veteran financial writer William Greider

* Journalist Matt Taibbi

Unless we break up the too big to fails, they will again make speculative gambles that drive them into insolvency (as they have again and again), and the government will bail them out over and over - perhaps secretly - sending the American taxpayers the tab (through taxes or inflation).

6 comments

http://www.washingtonsblog.com/2009/12/ ... ional.html

Had the National Bank Act that Lincoln had to knuckle under to, been repealed at the conclusion of the War Between The States, and if the Federal Reserve System never been enacted by Congress, and signed by Woodrow Wilson into law, we wouldn't be seeing this.

Big Wall Street Banking interests have been at the core of every monetary catastrophy that we the people have been saddled with since the inception of this banking / monetary monopoly. And with every "emergency" (real or supposed) that this monopoly has created by gambling with our wealth that they believe is theirs' to do with as they please, Government has reciprocated by gaining more and more power, leaving us, the people to pay off these bad gambling habits. And in the meantime, Government turns more and more from a servant of the people to a fearful master.

The way we need to deal with these big banking interests, is like dealing with a relative who has a bad gambling habit. But not only has this relative ruined themselves, they have had access to your wealth and property without your knowing it. And through their bad gambling habit(s), they have now taken your wealth, and left you beholden to pay it off. Not only have they done that, but they have gone to foreign moneylenders and borrowed you property's value to the hilt, so now you are not only beholden to domestic entities, you also have to deal with foreign interests.