There's Only One Solution That Might Fix Our Corrupt Financial System

Discussion in 'Economy' started by hvactec, Sep 3, 2012.

  1. hvactec

    hvactec VIP Member

    Jan 17, 2010
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    New Jersey
    The simple truth is our giant banking system is metastasizing throughout our economy. It’s sucking away our wealth. And it’s out of control.

    Americans want their pound of flesh, and rightfully so. We’ve seen our bankers commit every kind of financial crime imaginable. They trade on insider information. They manipulate markets. They rig bets. They fix prices. They sell securities that are designed to fail so that they can bet against them. They launder money for rogue nations. They create too-big-to-fail banks that gamble with impunity knowing that we will bail them out again and again. And they collectively crashed the economy causing 8 million workers to lose their jobs.

    Wouldn’t it be lovely to see these financial felons doing the perp walk?

    Sure, that might satisfy our desire for justice or even revenge, but it wouldn’t solve our banking problem. Neither would a return of Glass-Steagall, which would separate investment banking (the gambling part) from commercial banking (where our deposits are federally insured). And neither would a properly enforced Dodd-Frank legislation that was supposedly designed to prevent the next financial crash.

    None of this will work because even if vigorously enforced, our too-big-to-fail banking system will still be there, ripping us off each and every day. Worse still,

    read more There's Only One Solution That Might Fix Our Corrupt Financial System | Alternet

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