Dear Friends,

It is with a heavy heart that we have decided to retire our beloved Forum Detroit. It has served the Polonia Detroit for over 10 years, and was a source of joy for many. However, after many months of inactivity, the time has come to bid it farewell.

Deepest and warmest thanks to all those who contributed to Forum discussions over the years, either by sharing their thoughts or reading those of others. Your presence and participation served as a building block of this online polish community.

Forum Detroit

  • Index
  •  » Finanse
  •  » 6 Banks Control US: They Are Too-Big-To-Fail and Too-Big-To-Jail

#1 12.25.2012 09:49:58

Legendarny Mistrz Forum
Zarejestrowany: 07.09.2007
Posty: 13193

6 Banks Control US: They Are Too-Big-To-Fail and Too-Big-To-Jail

Source: Progress or Collapse

The Best Way To Rob A Bank Is To Own One and the Best Way To Rob People Is To Own A Bank.

The big investment banks that have promoted the deregulation of the economy, and ultimately created the conditions for the Great Recession, are now bigger and richer than ever. In 1995, the six largest US banks – Goldman Sachs, Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, and Morgan Stanley – declared assets equivalent to less than 20% of the United States (US) gross domestic product GDP. By 2009, this figure increased to about 60% of the US GDP. [1]

After the crisis, the US government has not only failed to reduce their size, and regulate their activities, but has also provided them with large sums of taxpayers money (bailouts) making them even more powerful. These firms are now advocating for austerity and budget cuts on Medicaid, Medicare and Social security to prevent the so-called “fiscal cliff” they have created.

They literally feel invulnerable. They know that, if they cause another crisis, the US government will bail them out (once again): they are too big to fail. They also know that, if their CEOs will engage in even more financial fraud and insider trading, none of them will be convicted: they are too big to jail.

Has your blood started boiling already? If so, you should see a cardiologist. If not, a psychologist would work.

1. Johnson S and Kwak J. 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown.Pantheon Books, 2010.

Additional readings:

Black B. The Best Way To Rob A Bank Is To Own One. How Corporate Executives and Politicians Looted The S&L Industry. University of Texas Press, 2005.

De Vogli R. Chapter 8 “State of Political Inertia.” In: “Progress or Collapse: the Crises of Market Greed.” Routledge: New York and London, 2013.

That’s all, folks
Przekażmy sobie znak pokoju.
Hasta la vista, Vaya con Dios
Я возвращусь, Ich werde zurück sein, Je reviendrai, Estarei de volta, Θα είμαι πίσω, I červnu se zpět, Leszek vissza, وحقوق عودة


  • Index
  •  » Finanse
  •  » 6 Banks Control US: They Are Too-Big-To-Fail and Too-Big-To-Jail

Stopka forum

Powered by PunBB
© Copyright 2002–2005 Rickard Andersson
wygląd forum i administracja techniczna Bartłomiej Kozielski
kontakt z właścicielem i administratorem strony forumdetroit@gmail.com