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Economy
Related: About this forumOur Banks Own Airports, Control Power Plants & More-How Can We Stop Them frm Controlling th Economy
http://www.alternet.org/economy/banks-are-buying-essential-lifelines-our-economy-and-jacking-costs-max-profitsArent there rules against that? And where are the banks getting the money?
August 26, 2013 |
Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pulled this off, and where have they gotten the money?
In a letter to Federal Reserve Chairman Ben Bernanke dated June 27, 2013, US Representative Alan Grayson and three co-signers expressed concern about the expansion of large banks into what have traditionally been non-financial commercial spheres. Specifically:
(W)e are concerned about how large banks have recently expanded their businesses into such fields as electric power production, oil refining and distribution, owning and operating of public assets such as ports and airports, and even uranium mining.
After listing some disturbing examples, they observed:
[font color="red"]According to legal scholar Saule Omarova, over the past five years, there has been a quiet transformation of U.S. financial holding companies. These financial services companies have become global merchants that seek to extract rent from any commercial or financial business activity within their reach. They have used legal authority in Graham-Leach-Bliley to subvert the foundational principle of separation of banking from commerce[/font]. . . .
It seems like there is a significant macro-economic risk in having a massive entity like, say JP Morgan, both issuing credit cards and mortgages, managing municipal bond offerings, selling gasoline and electric power, running large oil tankers, trading derivatives, and owning and operating airports, in multiple countries.
A macro risk indeed not just to our economy but to our democracy and our individual and national sovereignty. Giant banks are buying up our countrys infrastructure the power and supply chains that are vital to the economy. Arent there rules against that? And where are the banks getting the money?
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Our Banks Own Airports, Control Power Plants & More-How Can We Stop Them frm Controlling th Economy (Original Post)
Bill USA
Aug 2013
OP
valerief
(53,235 posts)1. Talk your kids into not joining the military that protects these assholes. nt