Family Crest

Family Crest
Motto: I will never forget. [ Source HouseofNames ]

HUMANITY DOOMSDAY CLOCK - Moves forward to 2125 due to election of US President trump.

Estimate of the time that Humanity will go extinct or civilization will collapse. The HUMANITY DOOMSDAY CLOCK moves forward to 2125 due to US President trump's abandonment of climate change goals. Apologies to Bulletin of the Atomic Scientists for using the name.

PLEASE QUOTE, COPY and LINK

While this material is copyrighted, you are hereby granted permission and encouraged to copy and paste any excerpt and/or complete statement from any entry on this blog into any form you choose. In return, please provide explicit credit to this source and a link or URL to the publication. Email links to mckeever.mp@gmail.com

You may also wish to read and quote from these groundbreaking essays on economic topics with the same permission outlined above

The Jobs Theory of Growth [http://www.mkeever.com/apply.html]

Moral Economics [http://www.mkeever.com/moral.html]

Balanced Trade [http://www.mkeever.com/essay.html]

There Are Alternatives to Free Market Capitalism [http://www.mkeever.com/taa.html]

Specific Country Economic Policy Analyses - More Than 50 Countries from Argentina to Yemen [http://www.mkeever.com]




Translate

Wednesday, June 13, 2012

Angelides : Break 'Em Up

Barry, My Liege :

The man who wrote the book on bank failure, Phil Angelides, has called for breaking up the big banks.

'If the largest banks can only be run so recklessly that they harm the economy as well as themselves, they should be broken up, Angelides said in a talk at the Center for National Policy, an independent Washington D.C. think tank.“By 2011, the top 10 banks in this country held 77 percent of the nation’s banking assets. The top five banks – JPMorgan, Citi, Bank of America, Goldman [Sachs] and Morgan Stanley – held $7.9 trillion in assets and 95 percent of the $304 billion in [OTC] derivatives held by U.S. bank holding companies,” Angelides said.

“These banks are too big to fail. They’re too big to manage. They’re too big to regulate. They’re too complex to understand and they’re too risky to exist. And the bottom line is they offer very little benefit,” Angelides added.'[Reuters, June 12]

He then called for breaking them up into smaller banks that would not pose a risk to the economy.

Here's my take, My Liege:

Banks should be allowed to fail. Make the depositors whole through the FDIC and then let the shareholders go through bankruptcy.

When Jamie Dimon says the Volcker Rule would have prevented the risky trade at his bank as he did in Congressional testimony, then we know the Volcker Rule is fatally flawed, and that is only because Jamie Dimon supports it.

Big banks are a danger to the economic national security of the United States.

Your faithful servant,

No comments:

Post a Comment