Sunday, August 30, 2009

Too Big to Fail Banks Are Too Big to Jail

The too big to fail banks have become even bigger?
In part, that's because the federal government was brainwashed intgo thinking it could not simply print money. Instead it had to borrow money from banks - and pay them interest which would take away money from future spending needs and trigger the need for higher taxes.
Last autumn the population screamed to let the banks fail - but you saw how Congress caved into the bankiers when they threatened to take down the nation if they were not saved because they did not give a damn.
So what if the banks are now bigger. They have bankrupted a government that should have kept them smaller and unable to destroy the nation.
If you think these big banks are such a great asset - then you must think Benranke's panic is unfounded and the Federal Reserve which propped up these massive empty shells can pass an audit.
And I agree with George Archers that the concentration of media ownership has been very damaging too. These media moguls are co-conspirators and successfully keeping the masses from truly understanding what has happened.