6 banks control 60% of America's GDP

Discussion in 'Politics' started by Chris, Sep 29, 2011.

  1. Chris
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    Chris Gold Member

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    Bill Moyers: And you say that these this oligarchy consists of six megabanks. What are the six banks?

    James Kwak: They are Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.

    Bill Moyers: And you write that they control 60 percent of our gross national product?

    James Kwak: They have assets equivalent to 60 percent of our gross national product. And to put this in perspective, in the mid-1990s, these six banks or their predecessors, since there have been a lot of mergers, had less than 20 percent. Their assets were less than 20 percent of the gross national product.

    Bill Moyers: And what's the threat from an oligarchy of this size and scale?

    Simon Johnson: They can distort the system, Bill. They can change the rules of the game to favor themselves. And unfortunately, the way it works in modern finance is when the rules favor you, you go out and you take a lot of risk. And you blow up from time to time, because it's not your problem. When it blows up, it's the taxpayer and it's the government that has to sort it out.

    Bill Moyers: So, you're not kidding when you say it's an oligarchy?

    James Kwak: Exactly. I think that in particular, we can see how the oligarchy has actually become more powerful in the last since the financial crisis. If we look at the way they've behaved in Washington. For example, they've been spending more than $1 million per day lobbying Congress and fighting financial reform. I think that's for some time, the financial sector got its way in Washington through the power of ideology, through the power of persuasion. And in the last year and a half, we've seen the gloves come off. They are fighting as hard as they can to stop reform.

    Moyers: Six Banks Control 60% of Gross National Product -- Is the U.S. at the Mercy of an Unstoppable Oligarchy? | | AlterNet
     
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  2. Chris
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    Chris Gold Member

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    The banks are spending $1 million dollars a day to fight reform.

    That's our system in a nutshell.
     
  3. editec
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    editec Mr. Forgot-it-All

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    And STILL people object when I call these puppetmasters our MASTER CLASS.

    John Lennon (Working class hero)
     
  4. eflatminor
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    eflatminor Classical Liberal

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    So stop voting for central planners that meddle in the banking industry, allow the top bank (The Fed) to steal our money through inflation, and that bail them out when loans go bad. Bigger government is not the answer.
     
  5. MiddleClass
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    MiddleClass Moderate American

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    If it were not for the Democratic Party, America would be by the Corporations for the Corporations. America for the People by the People is in danger without major campaign finance reform, mostly in the way of a Constitutional Amendment!
     
  6. driveby
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    driveby Gold Member

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    So Barney Frank, Chris Dodd and Maxine Waters were lying after all ? ...... omgnoway
     
  7. eflatminor
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    eflatminor Classical Liberal

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    You do realize that Wall Street in is Chuck Schumer's district, right?
     
  8. dilloduck
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    dilloduck Diamond Member

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    No--they still think it's a partisan issue and Democrats are all little people fighting for other little people. :cuckoo:
     
  9. CentristFiasco
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    CentristFiasco Member

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    Wells Fargo is a fantastic bank, don't be dissing my bank, brah.
     

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