On Monday, we looked at the biggest bank in each state.
This week, our illustrious President signed the bill to keep the government operating - and it was pretty much packed with other shit written by the banks and passed by their lackeys in that esteemed corpulent body we call a Congress.. Seems these folks (and their bought and paid for servants) want to do away with the laws that were passed as a result of their irresponsible behavior back in the days leading up to the 2008 financial collapse. Does the phrase "this time it will be different" ring any bells?
Now the Federal Reserve has given them another "gift."
A couple of years ago, Barry Ridholtz wrote an excellent article in the Washington Post proposing an excellent solution to letting these "financial wizards" use our money to line their pockets and stick us with the consequences of their failure. He imagines a directive from the Chairman of the FDIC terminating the access to FDIC coverage for any bank participating in speculative behavior.
The closing paragraph of the article pretty much sums it up:
As a bonus, without the intervention of government guarantees, those of you who continue to have depositors will finally be able to compete in a free and open market. Without FDIC insurance, your depositors will be making their decisions based on your reputation and their assessment of the safety and security of your operations — and not Uncle Sam’s willingness to continually bail you out.
Imagine that ....... they lose the privilege of using their depositor's money to line their pockets without any risk !
At least Willie Sutton was honest about his profession.
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