Discussion in 'Economy' started by B. Kidd, Jul 27, 2012.
Is Sandy Weill Right? - Seeking Alpha
This country cannot get back on track without it!
Wouldn't be a cure-all, but at least it would get us moving in the right direction.
"Bust the banks" smacks of anti-monopoly legislation in the early 1900s. Invoking government, into markets, is dangerous. Private market forces already, and alone, may "restructure" big banks. Invoking government, to "attack" big, successful, (bank) businesses, is not Libertarian. Inexpertly, the Public could FDIC insure personal deposits, only; and, so, perhaps require that "safe" personal deposits be backed by "safe" collateral (vault cash, reserves, safe loans). Meanwhile, what does government know, that "activist investors", with their own money involved, do not? Investors themselves may restructure banks, without need of Public action.
Hell, even casinos have 'house rules'. Why? To protect 'the house'! Banks aren't protecting their own 'houses'.
Just ask Jeff Dimon.............
(At least casinos know what the left hand is doin' as the right hand deals da' cards.......)
Also, tell me wunderkind, when was the last time taxpayers' had to bail out a casinos' zombie books?
Sandy Weill joins Alan Greenspan under the Wheels of the Crowded Conservative Bus
and as the right wing throws this piece-o-shit under the proverbial bus (must be clogged under there?): Who is Sandy Weill
reason #1 to break the banks up: "Bankers say being big has many benefits" - yeah, these people led us over the cliff a few years ago.
The former Citigroup Inc CEO, who was in many ways the architect of the "too big to fail" giant bank system, dropped a bombshell on Wall Street on Wednesday by proposing that universal banks should be broken up because they are too big and complex to manage. [ID: nL2E8IP6F1]
The Citigroup CEO Who Broke Glass-Steagall Wants It Back | Crooks and Liars
as with Former Fed Chairman Alan Greenspan, the right wing will dispose of Weill as a traitor to ideology. It's more Conservative claptrap of Ideology over National good.
Libertarians today value ideological purity over national unity, and what is good for the people, versus what is good for the so-called free market
its very simple, you deregulate the banks and let the free market take care of everything. Is anyone buying those MBS's today? Is Jefferson County buying those deriviatives anymore?
When you have government regulation consumers assume everything is safe because the government regulators have your back. As soon as the regulators are stupid or corrupt the entire nation is doomed. But, when there is no government regulation everyone must be assured individually or there is no business for the banks!!
Any damage or fraud or corruption is localized and the nation merely moves on.
I would seek the same effect and end by requiring ALL corporations, all institutions registered with the state, to uphold the same Bill of Rights and 14th Amendment (and perhaps the Code of Ethics for Govt Service) required of govt to prevent from oppressing grievances and due process of people affected by collective authority/resources/influence.
as long as there is adequate check on corporations as with govt, then abuses and conflics of interests can be resolved. currently even our legal and judicial system needs to undergo reform because it has been corrupted by conflicts of interests obstructing due process.
If 'gaming commissions' did not exist, I'm sure less people would be flocking to casinos'.
There is a balance to be achieved. When THAT balance (gov't regulation vs. private sector) tilts too far in either direction, then the people (taxpayers or players) lose, both ways.
And if the people/consumers lose too much, they'll just go someplace else or figure something else out.
Banks currently have little loan business, as most consumers are in the foreclosure department. One must have assets to take out a loan, and 40% of the middle class wealth has been wiped out and they are spent. Why do you think banks are sitting on so much cash, alot of it fiat?
And you are calling for NO Gov't regulation after all has been spent and done?
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