2015-01-28 Robert Reich: Wall Street Is Hard at Work Cooking Up the Next Financial Collapse
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US Attorney General Eric Holder explained the failure to criminally prosecute the banksters by creating the legal theory, popularly known as "too big to fail, too big to jail".
The logical solution is to downsize the banks. But in fact the opposite is happening:
* A handful of major banks are becoming bigger than ever,
* What remains of banking regulation is being undone, and
* The banks' ability to buy politicians and laws is greater than ever.
jz
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"Wall Street’s biggest banks are much larger now than they were then. Five of them hold about 45 percent of America’s banking assets. In 2000, they held 25 percent."
" In other words, if the banks collapsed, they’d bring the economy down with them."
"That means proposing to limit the size of the biggest Wall Street banks; resurrect the Glass-Steagall Act (which used to separate investment from commercial banking); define insider trading the way most other countries do – using information any reasonable person would know is unavailable to most investors; and close the revolving door between the Street and the U.S. Treasury.
It also means not depending on the Street to finance their campaigns."
http://www.alternet.org/robert-reich-wall-street-hard-work-…
=========================
US Attorney General Eric Holder explained the failure to criminally prosecute the banksters by creating the legal theory, popularly known as "too big to fail, too big to jail".
The logical solution is to downsize the banks. But in fact the opposite is happening:
* A handful of major banks are becoming bigger than ever,
* What remains of banking regulation is being undone, and
* The banks' ability to buy politicians and laws is greater than ever.
jz
____
"Wall Street’s biggest banks are much larger now than they were then. Five of them hold about 45 percent of America’s banking assets. In 2000, they held 25 percent."
" In other words, if the banks collapsed, they’d bring the economy down with them."
"That means proposing to limit the size of the biggest Wall Street banks; resurrect the Glass-Steagall Act (which used to separate investment from commercial banking); define insider trading the way most other countries do – using information any reasonable person would know is unavailable to most investors; and close the revolving door between the Street and the U.S. Treasury.
It also means not depending on the Street to finance their campaigns."
http://www.alternet.org/robert-reich-wall-street-hard-work-…
The finance industry still presents a massive threat to the middle class.
ALTERNET.ORG
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