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To: DebtBomb who wrote (244881)	4/20/2010 10:58:38 AM
From: Jim McMannis	Respond to of 306849

Big banks: Too big for Congress to handle? washingtontimes.com Both Republicans and Democrats claim they want to prevent taxpayers from ever again having to bail out Wall Street goliaths in a crisis, but many analysts question whether either parties' reforms would do the job while the surest way to prevent future bailouts — breaking up the "too big to fail" banks — is not an option in Congress. Giants like Fannie Mae, JP Morgan Chase, Citigroup, and American International Group possess enormous power over governments and the economy by virtue of their huge balance sheets of up to $3 trillion and their financial ties with markets and businesses in every corner of the globe. The biggest banks got even bigger as a result of mergers arranged during the 2008 crisis, even as institutions less than half their size like Lehman Brothers proved capable of bringing down the entire world economy and decimating small nations like Iceland the Ireland — forcing steep spending cuts and tax increases — when they fell into bankruptcy.