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| Alice with a small b-oink... |
It really has become an Alice-in-Wonderland world when the United States economy is considered "at risk of failure" (due to a soaring national debt, fiscal cliffs, chronic unemployment, and a disagreeable Congress), while the largest U.S. banks (the "TBTF" boys) are considered immune - and must be "protected" at all cost - from failure.
Even credit unions must be taxed, according to
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| "Getting boinked!" |
"Curiouser and curiouser...!!!"
Here's what former N.C. Congressman Brad Miller had to say about this situation in the American Banker ....
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| Too-Pig-To.... |
"Megabanks have many incentives to remain too big to fail. They apparently enjoy immunity from criminal prosecution, even for "epic" rigging of the world's benchmark interest rates to defraud counter-parties to interest rate derivatives, and for money laundering for terrorists, genocidal regimes and drug cartels.
The "implicit government guarantee" provides almost unlimited liquidity for every line of business and allows megabanks to borrow more cheaply than smaller competitors.
Megabanks will not voluntarily become small enough or simple enough to fail."
[Some would say "Fat Chance"!]
4 comments:
Jim:
Are you feeling the Bern?
Still having difficulty choosing my "New York Values" - The Bern, The Donald, Ms. Hillary, or Trusted ???
The too big to fail discussion will go on and on and on. The money the banks have available to throw at Congress to get what they want or prevent what they don't is endless. Those who talk and write about the problems we face know that regardless of what is written or said little if anything will change. So it is written so it is done.
It's funny how banks have 94% market share but credit unions have an unfair advantage. How many banks have EVER converted to a credit union. A lot less than credit unions that have converted to banks, that's for sure.
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