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Top Fed Official Wants To Break Up Megabanks, Stop The Fed From Guaranteeing Wall Street's Profits


US Politics & Gov't  (tags: abuse, americans, bank reforms, candidates, congress, constitution, corporate reforms, corruption, cover-up, democrats, dishonesty, elections, economy, Govtfearmongering, media, news, obama, politics, propaganda, republicans, SupremeCourt )

Kit
- 3391 days ago - commondreams.org
For example, one of the effects of Too Big To Fail, Hoenig said, "has been that the concentration of financial resources in this country has nearly doubled over the last 15 to 20 years. That's what we have to end."



   

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Comments

Gregory Hilbert (422)
Saturday April 3, 2010, 7:02 am
Well, we've found our candidate for President. He'd be defeated of course, but at least when the megabank cartel declares martial law and seizes the rest of the public and private assets of the entire USA, we could say "I told you so". Or maybe we could do a Palin wink and ask "How's that freedom from regulation thing feelin' to ya now?"
 

. (0)
Saturday April 3, 2010, 7:54 am
I thoroughly agree with the concept that "Congress should mandate simple, easily understood and enforceable rules." An absolute no-brainer there.

Some of the charges made are valid. But I'm unsophisticated enough when it comes to high finance that I'm not sure whether or not I could hold a defensible position on the issues.

All I know is I was earning 5.25% interest with my own account through a 'megabank' before the financial meltdown and now my account is only earning 1.10% interest. I'm not happy.
 

Steven Gray (55)
Saturday April 3, 2010, 1:16 pm
I read the article and what stood out the most was that a strong industrial country is the most important. Sadly we have gone from the biggest industrial countries to one of the smallest because most of our industry is in China and other countries. We now import more than we export and that does not make for a strong economy. Still greed is in control and those with the money or controlling the money are the ones who are calling the shots and pulling the strings. Now more than ever you need to bury your money in your yard along with your precious metals. America's financial meltdown is not far off. Hopefully the 2010 & 2012 elections will bring some long overdue change.
 

Yvonne White (229)
Saturday April 3, 2010, 3:39 pm
Back in the 70's a Passbook savings account earned 5%, no minimum - checking cost 10 cents per check, period! Reaganomics screwed little people real well.. time to Institutionalize some of these Institutions!;)
 

Fiona Ogilvie (562)
Saturday April 3, 2010, 4:03 pm
Their power must be diminished.
 

Judy C (91)
Saturday April 3, 2010, 4:18 pm
Reagan started the process that eventually came to fruition with the financial meltdown. Key reglation has not changed either, so another one is inevitable. The fact that we are no longer an industrial power is hastening our trip down the drain. It's disgusting.
 

Sheryl G (359)
Saturday April 3, 2010, 6:22 pm
Oh here we go again, Care2 messing up and so went my whole write up.

In brief......I thought we had a no monopoly in this Country what happened to that?

If these Companies are always too big to fail then they will never improve as they can never fail. Seems the only ones that are allowed to fail is the little guy, then it is just tough too bad. I had said everything much more better......but oh well, not to be.
 

June Higgins (21)
Saturday April 3, 2010, 8:40 pm
Hoenig has got it right. But, who is going to go along with him. These superpowers have enough lobbyist and enough money to do whatever they want. They bought the vote to begin with, and they will keep buying votes. Steven you are right about the outsourcing of jobs. Anytime I call a company, I get someone in India or China. I cannot even understand these people. I worked in a factory about 25 years ago, and they decided to close shop and move to Mexico for cheap labor. Regan shut down the unions, which made it impossible for people to bargain for fair wages, and benefits. Tariffs should be charged to any American company that makes products outside of the US. Why should they be treated differently than a foreign company? These companies that make their products outside of the US to save money, are no longer American companies. These tariffs should be so high, that it is not economical to outsource. Then maybe they would bring jobs back to the US. I get emails everyday saying"Obama wants you to go back to school". Why? There are no jobs anyway. I just can't figure out how we elected these people that destroyed our country. I'm watching every voting record now. I have a notebook and I keep track. It's not too late to fix it, but it will be an uphill battle. A President and Congress willing to do the right thing?.....well we will have to wait and see. A little prayer might help, too.
 

Rhonda Maness (580)
Saturday April 3, 2010, 9:56 pm
Thank you, Kit
 

Craig Zimmerman (86)
Sunday April 4, 2010, 12:56 pm
If only it could be. What I would really like to see is an end to the revolving door between Wall Street and the U.S. Congress.
 

Mary Donnelly (47)
Sunday April 4, 2010, 2:37 pm
Thanks Kit. Good article.

Gregory H. He needn't win, just stir up the Democrats or Republicans to steal his policies, get in, and implement them. Australia's Prime Minister John Howard did that to Pauline Hanson's "Australia First" Party, in the process winning himself a much extended term of office, and causing the virtual disappearance of The Australia First Party.
 

Jillyan Baldwin (0)
Sunday April 4, 2010, 6:16 pm
Goodon Hoenig for speaking out; this takes courage and the regulations that Obama promised need to be finally put in place to diminish the actions of wall street.
 

Agnes H (144)
Sunday April 4, 2010, 10:19 pm
I read the whole article twice Kit and now I know why I choose to give up College for Economics to a Psych Hospital. I've got more than 1 of my bad days and to tell you the truth even after reading it twice it's still a mistery to me. I know America thinks or believes it's the richest country on this Earth. But even the richest country can fall down! That much even I know! As for inports being higher than exports well join the club. The same is happening here and the UK. We ought to look after ourselves before we even start thinking of lending money out to other countries. Or poorer people.

It makes sense that this person wants to go back and do a few things that were done in the past to bring America back from the brink of collapse. That's if I understood the article properly. Also he doesn't want fewer banks with a heck of a lot of money so that the smaller banks can't do their jobs properly for the Common Man. Please tell me whether I got it right or not. He wants to go back to something that was done in an earlier Recession!
 

patricia lasek (317)
Monday April 5, 2010, 6:02 am
This is an exerpt from the FTC Guide to Anti-Trust Laws:
"The antitrust laws proscribe unlawful mergers and
business practices in general terms, leaving courts to decide
which ones are illegal based on the facts of each case."
Herein lies the problem. The COURTS decide which ones are illegal. Duh! How much were the judges paid to overlook certain aspects of the mergers? "
I I think this is where GW got his big idea that he was the "DECIDER". Maybe he thought he was a Federal Judge.
I have been posting comments for a few years citing the /Sherman Anti-Trust Laws. They seem to be overlooked constantly by the Court system. This is no longer a FREE COUNTRY, it is a tighly held CORPORATION.
 

Dianne D (490)
Monday April 5, 2010, 9:35 am
I'm all for breaking up the megabanks, but the Republicans will never let that happen.
 

Kit B (276)
Monday April 5, 2010, 9:40 am
When there is an obstacle go around it, over it, under it or choose another route to the same destination.
 

Elm Morrison (357)
Tuesday April 6, 2010, 7:54 am
JFK wanted to curb the CIA power.......

I fear for this man Kit, I truly fear.
 

. (0)
Wednesday April 7, 2010, 6:17 am
Thannxxx...we should have more say into where we put our money and how... the banks have way to much control and manipulation.. giving them free market to exploit the population as a whole.. time to look into reinvesting under the mattress again just like our grand mothers use to
 

SuS NoMail Plez P (244)
Sunday April 11, 2010, 11:49 am
Noted with much Thanks Kit.
 
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