A New Crossover Hit: "Break Up the Big Banks"

We've reached an incredible moment when Alan Greenspan, Michael Moore, FDIC head Sheila Bair and Elizabeth Warren are all singing the same tune. These four, and others, have formed a distinct choir that is calling for breaking up the big banks.

In the United States, three banks hold almost 34% of the nation's deposits, four banks issue 50% of the country's mortgages, and the five largest credit card lenders control 74% of the market. These companies have a stranglehold on our wallets. And as we've seen, when they make bad decisions, they can take the whole economy down with them.

Our wallets aren't all that's being strangled -- so is our nation's democracy, as Wall Street lobbyists and campaign contributions tighten their chokehold on Washington. You would think that after sending the economy south, needing billions in taxpayer bailouts, and handing out lavish bonuses, that these institutions would be too toxic for elected officials to hang with. Think again. The big banks and their lobbyists are as welcome on the Hill and in the White House as ever. And until average Americans begin to mobilize our primary currency -- our family, friends, and neighbors -- to move into the streets, we will watch the big banks become bigger, more powerful, and less accountable.

Now is the time to move toward a vision in which financial institutions are more accountable to and more controlled by the communities they serve. So, dust off your songbook, warm up your vocal chords, and join the band that is calling for breaking up so called "too big to fail" institutions.

Your first chance comes October 25-27 in Chicago as people from 20 states come together for a showdown with the nation's largest banks and their trade group, the American Bankers Association. Make your way to Chicago and let's ensure the message of "break up the big banks" is heard loud and clear.

 

 

Comments

[AnimalLover6]

Should have been done 6 months ago. But the teabagging GOP and their fear-mongering on FOX about "SOCIALISM!" blocked it. Obama needs to learn to take bigger political risks and do the right thing: That's what his constituency wants. I seriously can't understand why he doesn't "get" this. His dream of "bipartisanship" is delusional: today's GOP is a basket of fruitcakes. He needs to just move past them for now.

[dueteronomy8]

IMO its too little too late. The opportunity to send Wall Street and big banks a message was when they needed bailing out. That was the time to allow them to take responsibility for their greed and illegitimate gain.
For all those President Obama lovers, I would love to hear your defense of his actions here. He has surrounded himself with big business, rewarded the executives that authorized this ethically bankrupt practice, and showed little regard for the american people.

[lightningbolt]

Breaking up the banks is not enough. We also need to arrest the executives who committed crimes, especially those who orchestrated the bailout robbery.

[Vinca]

It seems to me that breaking up those big banks would be a good thing to do. What about breaking up ALL really large companies. Competition is very good.

[sposton]

Get rid of the Fed and the private banks' debt money creation. Get rid of the whole bloodsucking mechanism.

[Cleanerman]

Break those banks up!

[outnow]

Size doesn't matter to Obama; he is "post-partisan." Then he should throw the money lenders he has hired out of the People's Temple. He can start with Rahm, then toss Timmy and Larry.

The behavior of CEOs at banks is driven by their compensation arragngements and the lack of a moral hazard as in too big to fail. What doesn't Obama understand about this? The answer is campaign contributions from investment bankers.

[seawolf77]

Size is the enemy of freedom. I think Teddy Roosevelt understood that and acted on it.

[DiogenesOfAlaska]

Are you saying that there will be a reunion of The Band in Chicago?

:-)