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|User Info||Price Discovery: Uh, No - Just More Theft; entered at 2010-12-12 14:15:31|
The NYT's article is not surprising it's more of a confirmation of what many of us have suspected all along.I also make an assumption that this cartel discusses, plans and executes other ideas to "consolidate" their holdings. The transfer of wealth to the upper 1% is almost certainly a function of this Cartel. |
That leaves one conclusion only: The economy will never recover until these banks are broken up while rules with teeth and active enforcement caps the growth of assets and leverage for banks with zero loophole tolerances for things like Bank holding Companies*. Captive regulators should only have one definition. They are captive for 25 years to life in a federal penitentiary
Really the main bill is only 17 pages long. That would be a huge leap ahead if Glass Steagull was resurrected from death by lobbying dollars.
*Isn't it interesting that WaMu is a Bank Holding Company. They had put themselves up for sale before the failure. JPM offered around 8 Billion then quietly withdrew it. The banks under the BHC were taken over by the FDIC and sold to JPM for 1.9 Billion. Now we hear that taking down BHC's can't be done becuase of the complexity involved. I just ****ing hate getting lied too.