Break Up The Banks. Or Better Yet, Nationalize Them!

Neither is likely to happen, although it might be politically possible force the breakup of the Big Banks as AT&T was broken up into the Baby Bells.

There are four major banks in the US, the product of mergers, acquisitions, and cannibalism.

They are now considered to be “too big to fail.”

Too Big To Fail means they are virtually guaranteed any federal bailout, handout, or political consideration, by the mere threat that the economy and depositors might be at risk.

They have a stranglehold on the federal government and the US Treasury.

The Big Banks pass out largesse to Members of Congress and hire Members’ relatives. Their lobbyists are appointed to regulatory agencies, Cabinet positions, and Departments. Their bribes hold the ears of presidents and Senators. They dictate US financial policy and virtually control the government.

They live by rules which do not apply to the rest of us.

For all the criminal conduct of the banks and bankers in the economic collapse under George W Bush, not one single bank or banker has been indicted.

The odd fine has been levied, but fines are merely the cost of doing business, and are borne on the backs of investors, mostly pension funds and mutual funds, the retirement funds of union members and individual investors.

The criminals remain unscathed.

I believe the banks should be nationalized; that loans to students and the public be at non-extortionist rates; that rather than bailing out criminals we should be bailing out homeowners; that banking should be a service of government, not a weapon in the hands of criminals.

But then, I am a socialist.


2 thoughts on “Break Up The Banks. Or Better Yet, Nationalize Them!

  1. Oh, I totally hate the corruption and nepotism! Also, I’m not sure how many people are aware, but the IRS charges a hefty self-employment tax on poverty-level income earners. Does that make any sense? Think about this: I could make the same amount of prize income as I do self-employment income in a year, but I will only owe a hefty tax on self-employment income. The prize income tax will be wiped out by standard exemptions and deductions, but the self-employment tax will only be slightly reduced by earned income credit.



    The charged persons who need to be arrested and jailed are:
    Christopher Gossage and Tony English of Russell’s Media Law Firm
    Derek Rosenblatt of Ronald Fletcher and Co
    Richard Hannah
    Dame Helen Alexander
    Jim Manson, Scottish TV
    Jeffery Bindman of Bindman and Partners
    Tamsin Allen


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