The US Federal Reserve has a new member, who is calling for the “too big to fail” banks to be broken up. Need Kashkari quoted in a BBC article:
“Now is the right time for Congress to consider going further than Dodd-Frank with bold, transformational solutions to solve this problem once and for all.”
Yes. Yes. Yes.
Any firm, financial or otherwise (I’m looking at you, Chevy and GM) that it’s death would cause severe financial crisis in this country should be broken up. How in the world these companies received federal backing to stay afloat and were not fractured as part of the terms of the receipt of that money are beyond me.
As a bit of a post script, if you’re against any form of socialism, remember- those bailouts that saved American capitalism was on the taxpayer dime. Socialism saved capitalism. And, please, be angry about that.
OpenCongress is a easy, simple way to communicate with your Congressional representatives about every thing that makes you angry about this country. Posting about it on Facebook does nothing. Writing to your government representatives might. Do it.