Posts tagged “Paulson”

Bernie Sanders wants to break up the banks. Let’s help!

Senator Bernie Sanders: “too big to fail” = “too big to exist”

Take a moment and read the two (2) page Too Big to Fail, Too Big to Exist Act, about to be offered by Senator Bernie Sanders (I-VT) in the United States Senate (PDF) and then read and sign the petition to Treasury Secretary Timothy Geithner. Don’t forget to tweet and facebook this as well. Unlike Saturday’s legislative abomination, this is something citizens of all stripes should be able to get behind.

Petition to Treasury Secretary Timothy Geithner

Too Big to Fail is Too Big to Exist

Financial institutions that are “too big to fail” played a major role in undermining the American economy and driving our country into a severe recession.

Financial institutions that are “too big to fail” put taxpayers on the hook for a $700 billion bailout and more than $2 trillion from the Federal Reserve in virtually zero interest loans.

Huge financial institutions have become so big that the four largest banks in America (JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup) now issue one out of every two mortgages; two out of three credit cards; and hold $4 out of every $10 in bank deposits in the country.

Just five banks in America (JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley) own a staggering 95% of the $290 trillion in derivatives held at commercial banks. Derivatives are risky side bets made by Wall Street gamblers that led to the $182 billion bailout of AIG, the $29 billion bailout that allowed JP Morgan Chase to acquire Bear Stearns, and the collapse of Lehman Brothers.

The concentration of ownership in the financial services industry has resulted in higher bank fees and interest rates that consumers are forced to pay for credit cards, mortgages and other financial products.

No single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation’s economic well-being.

No single financial institution should have holdings so extensive that its failure could send the world economy into crisis.

We believe it is time to break up the banks and insurance companies which are too big to fail.

We believe that passage of The Too Big to Fail, Too Big to Exist Act (PDF) is essential for a strong American economy and a secure future for ourselves, our children, and our grandchildren.

We urge the immediate enactment of the Too Big to Fail, Too Big to Exist Act, which directs the treasury secretary to compile a list of those financial institutions that are too big to fail in the next 90 days, and to break up these banks and insurance companies a year after the legislation is signed into law.Sign this petition!

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Solidarity wins! No auto bailout! Everyone gets laid (off)!

Honestly, I thought this was a foregone conclusion, but the hatred of the southern Republican Senators for all things union has foiled the attempt by GM, Chrysler and Ford to suckle from the bailout teat. Who would have thought I’d celebrate such disdain for a union? Not me.

Now we will see just how honest the Big 3’s dire predictions about their own futures actually were. I’ve said it before and now I can yell it from the mountain tops, let ’em swing! Nothing to see here people. The “free” market will sort them out.

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No bailout for Detroit!

Break the bailout!

Write Congress


Call Congress

Well, I was against the bailout for Wall St., so it should be no surprise that I’m against a bailout of the “big 3” in Detroit. Our total “bailout” commitment thus far tops $8.5 trillion, but this one should really piss you off. The thing is, my Wall St. stance was one of principle. This time, it is based on cold, hard facts. General Motors actually had a fleet of all-electric cars on the road over a decade ago, but chose to literally repossess them from happy owners to prevent the spread of the technology. That sort of near-sighted avarice demands punishment. I say, let ’em swing. As far as proof and citation for these seemingly ludicrous facts, look no further than the stunning documentary, Who Killed The Electric Car? Watch the trailer above, then go rent or buy the movie today. You will be compelled to contact your representatives and tell them to put the kibosh on any bailout for Detroit, though I have a particular distaste for GM.

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