Forum Post: An e-mail to a Goldman Sachs board member - Unregulated banks caused our recession!
Posted 13 years ago on Oct. 26, 2011, 5:12 a.m. EST by ltjaxson
(184)
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Until corporate bankers are brought under regulations that seperate commercial banks from investment banks, 'too big to fail' will continue to be a polcy that is unethical, unjust and unfair. We need support at the top to re-implement a policy that may be unfavorable to your interests, but would benefit the rest of the 99 percent. All we ask is that you publicly support the seperation similar to the one Sir John Vickers and the Independent Banking Commission in Great Britain has recently implemented - without the seven year implementation scheme!
We feel that taking Main Street deposits and using them for Wall Street 'ventures' serves only the interests of the investors and does not fairly reward the depositors. Those depositors do not see any of the profits and are only compnesated with ever-drowning interest rates that are not equal to Wall Street's profits. If our main objective is increasing consumer and investment confidence, then stabalizing an ever increasing volatile market should be priority number one. This regulation is the road to a more stable and fair economy.
Need I remind you that the 'golden age' of American economic dominance happened at a time when regulations were at its strictest and taxes on the one percent were at its highest? I know that there are other variables to that equation, but the undelying foundation lies with those facts.
Thank you for your time.
All we ask is that you publicly support the seperation similar to the one Sir John Vickers and the Independent Banking Commission in Great Britain has recently implemented - without the seven year implementation scheme!
Yes, it's fishy they plan on a such a long a period to implement a spin off. It takes a year of planning, at most.
The problem began when we started applying the rhetoric of free markets to the financial system itself. The Adam Smith logic of the invisible hand and the self-interest which redounds to the common weal was meant to apply to the market for goods and services, not credit and money.
We got so caught up in the post-Cold War apotheosis of markets as the solution to everything that we lost sight of the fact that the stock market is not "the market". It's part of the plumbing of the market.
Here it is. I think that it's perfect. http://www.youtube.com/watch?v=qL5z_v69RuY
thanks for this...
See: http://www.occupyr.com/General/thread.php?id=307
thanks...
Sure.
Thank you for your post - very interesting!
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