I know a hell of a lot more than you think. I have a pretty solid background in economics and my brother is a Partner in a national corporate law firm and many of his top clients are NY Banks. We talk about this stuff on a daily basis and have done since the crisis emerged. He gives me real feedback from real bank execs.
But this is what you like to do. You play the card that Bernanke and Obama are so darned intelligent, that all their decisions must be correct. Far be it from us mere mortals to questions the gods in Washington.
Where's your sense of self-worth man? How the hell did you ever come to run a company with an attitude like that? Are you one of the sheeple or a thought leader? Jeez. Your ridiculous adoration of this country's leaders is simply un-American. We are an independent people who don't believe others are smarter than we are. Man up.
And better yet, get educated on the issues, so that you can start to contribute something meaningful to the discussion instead of falling back on the cop out of thinking our leaders are smarter than you.
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Top Fed Official: “The Moment Is Now” to Break Up Big Banks
April 2, 2012, 12:46 pm ET by Sarah Moughty
See videos in the link below:
pbs.org
The nation’s largest banks are “a perversion of capitalism” and “a clear and present danger to the U.S. economy.” The Dodd-Frank financial reform legislation passed in the wake of the crisis “may actually perpetuate an already dangerous trend of increasing banking industry concentration.”
These arguments come not from an Occupy Wall Street activist, not from a Tea Party member, but from a scathing report released last week by one of the nation’s top banking regulators, the Federal Reserve Board of Dallas. In a column for ProPublica and The New York Times, reporter Jesse Eisenger described the report as “a radical indictment of the nation’s financial system.”
FRONTLINE sat down on Saturday with the Dallas Fed CEO and president, former banker Richard W. Fisher, to talk about the report and its core argument about “too big to fail” institutions. According to their calculation, the five biggest commercial banks — JPMorgan, Bank of America, Citigroup, Wells Fargo and U.S. Bancorp — hold 52 percent of all U.S. deposits, which means the “too big to fail” problem is with us now more than ever.
Dodd-Frank proposes to solve this problem by giving the government “resolution authority” to dismantle a big bank, but Fisher suggests a better solution is to not allow banks to get so big.
Fisher argues that now is an ideal time to solve this problem. Regulators feared that aggressive steps to end the “too big to fail” problem during the crisis would further destabilize an already delicate system. But now that the financial system is healthier, and the normal lending and borrowing that keeps the system liquid has been restored, the risks have lessened.
FRONTLINE producer Michael Kirk ( Inside the Meltdown, The Warning) interviewed Fisher for our upcoming series Money, Power and Wall Street, airing April 24 and May 1 (check local listings). In this special four-hour investigation, FRONTLINE will tell the inside story of the struggles to rescue and repair a shattered economy, exploring key decisions, missed opportunities, and the unprecedented and uneasy partnership between government leaders and titans of finance that affects the fortunes of millions of people around the world. |
