The big banks caused the financial crisis, and are continuing to drag the world economy down the into a black hole. So what are the governments of the world doing to address this core problem? Breaking up the giant banks? Nationalizing them? Holding …
Posts Tagged ‘giant banks’
Instead of Actually Stabilizing the Economy By Reining In the Giant Banks, Governments Just Launching More Faux Stress Tests as a P.R. Stunt
November 30th, 2010 |
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The Big Lie: Governments Have to Save the Big Banks
November 28th, 2010 |
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Many of the world’s top economists and financial experts have said that the too big to fail banks are destroying the world economy, that they must be broken up in order to restore stability, and that small banks can easily pick up the slack and make al…
Welcome to the Age of Permanent Bailouts for the Giant Banks
November 16th, 2010 |
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NY Fed president William Dudley said today, when asked when the Fed would stop quantitative easing:This exit could be several years away.Too bad that quantitative easing won’t help Main Street or the average American. It will only help big banks, gian…
“At the Root of the Crisis We Find the Largest Financial Swindle in World History”, Where “Counterfeit” Mortgages Were “Laundered” by the Banks
October 13th, 2010 |
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A “false front” building from the Old West. Towns built false fronts to make the town look more substantial and prosperous than it really was.The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is …
Graphic Illustration of Why Superficial Financial Fixes Will Fail In An Environment Where Giant Banks Are Allowed to Hide Massive Debt
October 7th, 2010 |
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I’ve written a lot about why superficial fixes will fail as long as the giant banks are allowed to hide their massive debts. See this, this and this.I’ve also repeatedly noted that the size of the derivatives market dwarfs the global economy – and fo…
Cut the Partisan Crap … BOTH the Private Sector AND the Government are to Blame for the Financial Crisis
May 1st, 2010 |
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Partisan GOP hacks say the financial crisis was caused by too much regulation, and government interference in the markets.But Glass-Steagall was repealed, derivatives were left unregulated, and the regulators were watching porn instead of preventing fr…
Mega-Banks Which Received Bailouts Slashed Lending More, Gave Higher Bonuses, and Reduced Costs Less Than Banks Which Didn’t Get Bailed Out
April 23rd, 2010 |
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USA Today points out:Banks that received federal assistance during the financial crisis reduced lending more aggressively and gave bigger pay raises to employees than institutions that didn’t get aid, a USA TODAY/American University review found.***•…
Blogs Are Useful to the Extent They Provide Information, Hope and Suggestions for Concrete Action
April 1st, 2010 |
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Yesterday, I asked whether blogs are useful or a waste of time.Perhaps blogs are useful to the extent that they: (1) Convey information not available from the mainstream media; (2) Give hope that things can improve;and (3) Suggest concrete ways t…
I’ll Believe It When I See It (In the Fine Print)
January 21st, 2010 |
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Obama has again pulled Volcker into his photo ops, and is talking tough about putting limits on the size of banks, restoring the “spirit” of Glass-Steagall, and curtailing the giant banks’ prop trading operations.I’ll believe it when I see it (in the f…
If Government Won’t Break Up the Giant Banks, Let’s Do It Ourselves
January 13th, 2010 |
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As everyone knows, the economy cannot permanently recover and truly stabilize until the giant banks are broken up. The top independent experts agree that the “too big to fails” are a drain on the economy and put the entire system at risk.The giant ban…
Less Than a Tenth of Bank Of America’s Assets Comes From Traditional Banking Deposits
January 13th, 2010 |
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I have long pointed out that the too big to fails make very little of their money off of traditional depository functions.For example, last October, I argued:Some very smart people say that the big banks aren’t really focusing as much on the lending bu…
Will Americans Reclaim Our Nation in 2010 From the Thugs and Con Artists?
December 31st, 2009 |
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The giant banks are treating the American Citizen like we work for them, are holding the economy hostage, and are taking our deposits and using them to speculate in casino style gambling.They’ve bought and paid for Congress and the White House. See thi…
Robert Reich: “Shame Won’t Work. Only Political Muscle and Courage Will”
December 1st, 2009 |
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Obama is planning to “shame” the big banks who are not agreeing to modify mortgages.This is a repeat of Bernanke’s play book … scold the giant banks for failing to lend, but then give them a pat on the back and a wink.As Robert Reich points out:Shame…
Breaking Up The Too Big to Fails Will NOT Harm America’s Ability to Compete with Foreign Banks
October 30th, 2009 |
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I have previously debunked numerous false arguments used to defend the too big to fails. See this and this.But the apologists for the TBTFs are now arguing that breaking up the beached whales … er, giant banks … will harm America’s ability to comp…
Break Up the Giant, Insolvent Banks Using America’s 100-Year Old Anti-Trust Laws
September 24th, 2009 |
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I have previously pointed out that we can (and should) break up the giant, insolvent banks under a number of different laws. Indeed, the government could break up the “systemically dangerous institutions†under 100-year old antitrust laws.The Sh…
“The World [Is Not] a Handful of Huge Financial Institutions, the Dinosaurs That Roamed the Earth [But] 115 Million American Households”
August 23rd, 2009 |
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Tarp overseer Elizabeth Warren had a great quote on MSNBC’s Morning Joe:If you think the world as we know it, are a handful of huge financial institutions, the dinosaurs that roamed the earth, then you’re right [that the government had to bail out the …
Government to Take Tarp Bailout Money and Give it to Small Businesses?
July 11th, 2009 |
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For the first time, the Obama administration is considering an economic policy which makes some sense.As the Washington Post writes: The Obama administration is developing an initiative to take money from the $700 billion program for the banking system…
The Fed’s “Independence” Argument is False
July 10th, 2009 |
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The Fed’s main argument against an audit by Congress is that it would interfere with the Fed’s “independence”.For example, in his Congressional testimony yesterday – entitled “Federal Reserve independence” – the vice chair of the Fed used the “i” word …