Friday, March 29, 2013

Big big banks

The senate finally passed a budget and among the many interesting items was a 99 to 0 vote in favor of not bailing out the big banks if they get in trouble. Part of the Dodd/Frank bill says the same thing. Are we to believe that if the major banks, five of which control 66% of the money get in trouble they will not be bailed out? When the question comes up, should we allow the country to collapse into a deep depression or should we bail them out, how will they answer? The only way to prevent future bailouts is to break up these large banks into smaller units but that was tried and the politicians ran for cover and now they hide behind some law that will not be enforced. They know that people don’t pay attention to these things and they know that they will be re-elected because of gerrymandering and so they pretty much act in their own best interest and the people will allow them to get away with it as they have done in the past. I have said it many times, we have the government we deserve.

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