All of us know that the big banks have been getting lots of help. This blog explains some of that and how we can change it.
Those who may believe that congress, banking regulators or the big banks themselves have curtailed their growth as a result of the financial crisis need only to look at where the banks are today . . . it seems no one learned the lessons of “too big to fail.” Well, perhaps some did; the big “nasty” banks we all love to hate have now grown larger. For the big banks, bigger is better.
An article on Bloomberg reports the latest findings of Neil Barofsky, the TARP “watchdog,” and explains why “too big to fail is here to stay.” According to the article, the assets of the six largest bank holding companies have grown about 15% since the beginning of the financial crisis. For the big banks, bigger is better. The average U.S. citizen, however, as demonstrated through the housing crisis, has seen the havoc that can be wreaked when business becomes so big that it’s even feared by the government. With politicians and regulators unable or unwilling to reign in the power of the big banks, they’ve helped destroy the housing market and profited while doing so . . . and they’ve done it with OUR money.
So if you’re sick of hearing stories about how the big banks are abusing their power, how the banking lobby is controlling legislation, how Main Street continues to suffer the abuses of “too big to fail,” don’t just complain. Write your representatives and demand change; and if your representatives are already in bed with the bankers, work to send them to the unemployment line. Until we do more than complain, nothing will change.
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