Excellent piece. What a sham. Keep the analysis coming! It is vital to understand who will get the cash out of the "agreements" on technology - I have also blogged about this etcblog.org.
I really believe these corpoarate Democrats think we don't ,mean business when we say we are going to be on the war path to get they asses out of office.
Can't wait for the 2010 & 2012 elections to take these ignorant bastards out of office
Cap the size is a great idea. It will lessen the influence of individual institutions. It will make bail-outs less likely - since smaller institutions are allowed to fail. I don't know why anyone would want any institution, financial or otherwise, to hold that much control over anything - monopolies are never a good thing. We need Theodore Roosevelt to break up these mega-conglomerates.
But, the biggest solution for all our problems is campaign finance reform. They get what they want because they have bought and paid for the legislators.
“The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis. Because of our role in making monetary policy, the Fed brings unparalleled economic and financial expertise to its oversight of banks. Our ability to make effective monetary policy and to promote financial stability depends vitally on the information, expertise and authorities we gain as bank supervisors.” - Ben Bernanke
Sunday, November 29, 2009
Bernanke states the Fed did not do all it could to constrain excessive risk-taking; that the Fed sets monetary policy and that the Fed’s actions are dependent on vital information it obtains from banks.
This leaves only two possibilities: either the Fed knew what was happening, having all the information and being in control of monetary policy and let the risk escalate or it is unable to do its proscribed job. Either way the Fed system is a failure.
The Fed printed $12 trillion to "save the system." The federal government could have printed $12 trillion to "save the system" and the interest paid to the federal government could have paid down the debt instead Americans will now have to pay exorbitant interest rates for decades to behemoth corporations run by the syndicate of the soulless to which wealth does not mean life but the power to control.
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