Excellent news from the NYTimes the other day: banks which are getting nervous about pesky government oversight are starting to ask to return government bailout money. As I wrote a while back in a fit of outrage when news reports indicated that Geithner wanted to go down the same sorry path that Paulson had been going down-- handing government money to bankers with no strings attached to make sure they weren't just pocketing it while doing nothing for the economy -- I think that if bankers don't want accountability, they shouldn't take our money. If they are in such bad shape that they have to take our money to survive, there needs to be tough accountability on how they do business.
I also fundamentally agree with David Sirota that if these corporations are too big to fail, then they are too big to exist: a proposition also agreed to by the populists and progressives of the late 1800s/early 1900s, by Abe Lincoln, by Teddy Roosevelt, by FDR, by Harry Truman. Progressives of all eras have understood that corporations that grow too enormous threaten our economy and our democracy, and should be woken up into smaller entities that can't do so much damage when they are mismanaged. The era of bank consolidation has to come to an end, and these monsters need to be broken into smaller companies just like Standard Oil was in the early 1900s.
Ironically, some of our tax dollars were actually used by these bank conglomerates to buy other banks, instead of, say, giving out loans to consumers and businesses trying to buy things or make investments that would create jobs.
The mess these big bankers have created for our economy is stunning, and it will take many years to work our way out of it. Every day dealing with the wreckage of all this is going to be harrowing. But we can start by doing what our progressive forbearers did: breaking up the big financial trusts, regulating them with vigor, holding them accountable. When a class of people has screwed up as terribly as big bankers have, we should take away their power and watch them like hawks for the rest of their time on this earth.
And while Das Capital is a brilliantly researched analysis of capitalism as a logical stage in the relationships between humans the basic idea of communism is very simple. "From each according to their ability to contribute and to each according to their needs". At once capturing the idea that we all are born with different levels of physical and mental skills(the ultimate idea of being an individual) and different levels of needs(not wants). Communism is not an idealistic liberal idea of how we should just be good to each other although that is not a bad idea. It is part of the analysis that the entire history of humanity is that struggle for equality and capitlalism was a progressive step but not the final chapter.
These families have been with us for at least 500 years. And they ran King George, too, through the Bank of England. They wrote the book on political/economic force. We are at last seeing their ascendancy using globalism and technology to move us toward the new world order. If it is just a step, as you say, hope it is a very short one, as 500 years of wars, murder, induced famine and disease, and economic booms and busts is about all I can handle.
Market capitalism, when regulated to advance the general welfare, or actual, non-Marxian socialism, or the sort of blend of the two found across Western Europe--when coupled with political democracy and its attendant freedoms of choice, expression and travel--have produced levels of social mobility, economic well-being and accomplishment that rival even the fatuous but groundless claims that communists have always made.
Keep your hammer and sickle. I'll take the multi-party ballot and the rule of law every time--as, it seems, has almost all of Central Europe. However, Belarus is still open for business if you really want to experience the usual results of the disproved dogma you're dispensing. While you're still here, feel free to speak up--but don't be surprised if you're laughed at a great deal.
What we have is a carefully architected, beautifully managed, long term assault by the International Banking cartel to create chaos in the US and the rest of the world in order to drive the markets down and buy up our country on the cheap. Consolidations that happened without the oversight that would have been brought by Congress even a year ago.
And a Depression that will allow the move toward the new world order--aha, tin foil: But no, read Henry Kissinger's article from January 12 this year. The plan is to impose a new Royalty to replace the one we threw off in 1776 with the banks finally in complete power as they have been in most of Europe since Rothschild created the Bank of England.
There never was a crisis. They don't need that money and for sure, they don't want oversight. They want power. And they've gotten it.
These Banking Families have been at this for over 500 years! They wrote the book on the politics of manipulation and fear. You say we should break them up? Who will do that? Kennedy tried to print silver certificates. He died, and Johnson revoked that one particular law while on the plane from Dallas to DC! Obama continues to back trucks up to the Treasury to fill with more bailout money (which has not helped, and will not help) for the Banks that caused the crisis we 99% face. Who controls whom, here?
With the Executive branch filled with Wall Street bankers and Federal Reserve apparatchiks--all tied closely to Goldman-Sachs and Morgan--when will we see the heroes we need to do the work that you want to see done? Who will lead? I agree it should be done--and more! But, no offense, it will take more than you and David Sirota wagging your fingers to make it happen.
With the Executive branch filled with Wall Street bankers and Federal Reserve apparatchiks--all tied closely to Goldman-Sachs and Morgan--when will we see the heroes we need to do the work that you want to see done? Who will lead? I agree it should be done--and more! But, no offense, it will take more than you and David Sirota wagging your fingers to make it happen.
The banks started becoming monopolies again in the 80's when the credit cards started becoming so popular. Then with the deregulation in progress, we no longer knew who owned what or who to talk to about our mortgages.
The banks need to be broken up....there's too much power in the wrong hands.
If they take government funding, they agree to break up into very small pieces.
There is no positive, national rationale for their size. Typically, getting bigger means slashing jobs. Getting bigger means reduction of competitiveness from the consumer POV. Getting bigger means too much pull with government through lobbying. In short, it means too much power for that entity, and too little responsibility and accountability.
This crisis should have spurred a massive anti-trust crusade. Doesn't look like it has in the slightest. We don't have to limit it to just the banks, either, or just the businesses that take government funds. The tax code should be reworked to include incentives for remaining small and disincentives for growing too big, mixed with those that promote job hiring and penalize job outsourcing.
Time to make business work for all Americans, not just the top 1%.
Allergists voted to scratch it, and the Dermatologists advised
not to make any rash moves.
Gastroenterologists had sort of a gut feeling about it, but the
Neurologists thought the administration had a lot of nerve, and
the Obstetricians felt they were all laboring under a
misconception.
Ophthalmologists considered the idea shortsighted; the
Pathologists yelled, "Over my dead body!", while the
Pediatricians said, 'Oh, grow up!'
Psychiatrists thought the whole idea was madness, Radiologists
could see right through it, and the Surgeons decided to wash
their hands of the whole thing.
Internists thought it was a bitter pill to swallow, but the
Plastic Surgeons said, "This puts a whole new face on the
matter."
Podiatrists thought it was a step forward, but the Urologists
felt the scheme wouldn't hold water.
Anesthesiologists thought the whole idea was a gas; and the
Cardiologists didn't have the heart to say no.
In the end, the Proctologists left the decision up to the
a'holes in Washington!
http://www.cbsnews.com/stories/2009/03/06/60minutes/main4848047.shtml
Keep this topic alive - Obama is listening. Now is the time. Be brave Barack.
hope those stakeholders who influence policy will take note of this as well.
They're staffing up in every department to handle these investigations and as soon as the fire is under control, it will be time for these folks to be afraid, very afraid 'cause they will be getting a knock on the door.
Quoting from Old Bailey transcript on "Forger Fauntleroy"
1350. HENRY FAUNTLEROY was indicted for that he, on the 1st of June, 1815, feloniously did falsley make, forge, and counterfeit, and cause and procure to be falsely made, forged, and counterfeited, and willingly act and assist in the false making, forging, and counterfeiting a certain transfer of a certain interest and share, to wit, 5000 l. 3 per cent. Annuities, standing in the name of Frances Young , of, and in certain Annuities established and made transferrable at the Bank of England, by certain Acts of Parliament, (the title of the first of which was set out, together with a copy of the said forged transfer,) with intent to defraud the Governor and Company of the Bank of England ..
GUILTY - DEATH . Aged 40