Forum Post: Dallas Fed Turns Against TBTF Banks
Posted 12 years ago on March 29, 2012, 1:53 p.m. EST by enough
(587)
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The Dallas Fed calls for the end of TBTF banks. Let's hope our elected officials get the message, unless they are too busy soliciting money from TBTF banks to care about America.
http://www.dallasfed.org/assets/documents/fed/annual/2011/ar11.pdf
As long as government officials and TBTF banks are joined at the hip, the fabric of our society will remain torn and tattered. There exists a festering poisonous atmosphere where anybody paying attention knows that elected officials are bought and beholden to banking interests. We want it to stop or there will be no peace. Phony lip-service by politicians is not working. Blatant white collar racketeering carried on by Wall Street interests and their government enablers are damaging honest Americans. We want our government to stop running interference for greedy over-sized punks.
I just heard about this today.
Here is the MP3 and Podcast from NPR and Robert Reich which aired today.
http://www.npr.org/rss/podcast/podcast_detail.php?siteId=7495773
and here is the Blog from Robert Reich on Truthout.com
http://truth-out.org/opinion/item/8214-break-up-the-banks-says-the-dallas-fed
PBS also has a 4 hour episode coming out next week or so, Money Power and Wall-Street, on Frontline series about us having "Three Years since the world was on the brink of collapse and we haven't had any changes to our banking and financial systems". So "We will see another crisis".
http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/
http://en.wikipedia.org/wiki/Standard_Oil (Broken up in 1911)
http://en.wikipedia.org/wiki/Bell_System (Broken up in 1984)
http://en.wikipedia.org/wiki/Savings_and_loan_crisis (1980s and 1990s) ( total cost for resolving the 747 failed institutions was $87.9 billion)
http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932010 (US Financial Crisis of 2008 was never investigated, there aren't enough federal investigators assigned according to William K. Black, and it would require at least 10 years and 5000 federal investigators with assistance from state and bank employees to make cases through refferals to federal invistagors)
http://www.dallasfed.org/assets/documents/fed/annual/2011/ar11.pdf
Thanks for the references to PBS and NPR media. At least, a few news outlets out there are paying attention.
The scale of Wall Street fraud was so big that the bankers became invulnerable. They are too big to jail. If the Justice Department indicts one of them, it has to indict all of them. As you point out, the number of prosecutors needed to enforce the law is staggering. Further, Wall Street bandits can hire the best lawyers to defend them, thus outgunning and overwhelming the prosecutors. Consequently, the government has determined that the prudent thing is to do is just let them all go, and that is exactly what this president and this congress has done. They want Americans to get over it as they suffer the pain inflicted on them by well-heeled, connected insiders. To add insult to injury, the insiders continue to bag big bucks and preen in public.
The fact that the Wall Street perpetrators continue to give tens of millions to the President’s reelection campaign and to the candidates of the opposing political party ensures that pay-to-play rules and that justice goes begging. Upholding the law only applies to common, unconnected people. That is the lesson that was driven home, unless anyone was foolish enough to believe otherwise.
The POTUS does not have the courage to do the right thing and uphold the law. Worse, he offends our sensibilities by saying what the bankstas did may have been unethical but not necessarily illegal. That sorry excuse is a slap in the face to anyone with half a brain by a punk politician.
I have this idea that the IRS and SEC and even the FBI Financial Crimes unit don't have enough money behind them to both 1) enforce the law 2) Take the big Banks and Corporations and Rich People to Court (i.e. too big to Jail as you say).
People have paid the cost and are going to pay the cost with more foreclosures. But wanted to to add that we face - Another Financial Crisis since the government pretends the problem doesn't exist.
Ha! We have had a string of financial cisis!
The POTUS appears to be being "Blackmailed". Ever since he was elected he has been the weak sister. He is damaged goods. But the two party system has been broke my whole life. Politics means 1) Competition 2) Nothing gets done for the people 3) Civil Rights gains have only come from activists and protests.
Someone the other day was saying that we will see the straining of the three headed monster (politicians, the fed, and wallst.)