Break Up the Banks by Robert Reich

[Crewleader]

Monday, April 5, 2010

A fight is brewing in Washington – or, at the least, it ought to be brewing – over whether to put limits on the size of financial entities in order that none becomes “too big to fail” in a future financial crisis.

Some background: The big banks that got federal bailouts, as well as their supporters in the Administration and on the Hill, repeatedly say much of the cost of the giant taxpayer-funded bailout has already been repaid to the federal government by the banks that were bailed out. Hence, the actual cost of the bailout, they argue, is a small fraction of the $700 billion Congress appropriated.

True, but the apologists for the bailout leave out one gargantuan cost — the damage to the economy, which we’re still living with (witness the latest unemployment figures). Leave it to the Brits to calculate this. Andrew Haldane, Bank of England’s Financial Stability Director, figures the financial crisis brought on by irresponsible bankers and regulators has cost the world economy about $4 trillion so far.

http://robertreich.org/post/498741821/break-up-the-banks

[upi402]

1. Robert Reich touted NAFTA, thanks for your opinion Reich...

But opinions are like assholes and yours will forever smell similar.

[guruoo]

3. So because he was wrong about NAFTA we shouldn't break up big banks?

-Got it!

:rofl:

[upi402]

4. nope, but he's a traitor and I ignore his disatrous ass

not fucking funny! not one bit. i have no god damn job and no way to support my family due to Clinton-Republicans like YOU and Reich-wing!!!!!!!!!!!!!!!!
:grr:
now go back and read your own comment in your profile fool.

[eridani]

5. If Noam Chomsky, Barbara Ehrenreich, Howard Zinn and Naomi Klein--

--sent me a petition to keep bamks big SIGNED IN THEIR OWN BLOOD, I'd tell them to go screw themselves. It would be irrelevant that I agree with them most of the time.

[Captain Hilts]

7. Go after China's Most-Favored Nation trade status first, THEN worry about Mexico. nt

[sendero]

8. Compared...

.. to 99% of the financial pundits out there, he is a genius. Nobody is right all the time.

[RUMMYisFROSTED]

2. It was 10 years too late when he held the reins.

He's likeable, though.

[Captain Hilts]

6. It's weird seeing all these branches of Toronto-Dominion opening up in Washington DC. nt