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Why the Only Answer is to Break Up the Biggest Wall Street Banks


#1

Why the Only Answer is to Break Up the Biggest Wall Street Banks

Robert Reich

On Wednesday, Federal bank regulators proposed to allow Wall Street more freedom to make riskier bets with federally-insured bank deposits – such as the money in your checking and savings accounts.

The proposal waters down the so-called “Volcker Rule” (named after former Fed chair Paul Volcker, who proposed it). The Volcker Rule was part of the Dodd-Frank Act, passed after the near meltdown of Wall Street in 2008 in order to prevent future near meltdowns.


#2

Monopolies are back with a frenzy. This is not only true with banks; it is true with many other business Goliaths. We are back at the ground floor as a nation of the people, by the people and for the people. Slavery has reared it’s ugly head again. Endless war, climate neglect and the rise of monopolies serves the masters of monopoly and the big money robber barons. We stop all of this with peaceful demonstrations by the millions, or it gets solved by pulling out our Declaration of Independence. This is a critical place in history in which we find ourselves. What occurs will affect our children well into the future. We are the millions; they number in the very few thousands!


#3

The only answer is to Nationalize the Banking system and to put the power of creating money back into the hands of the Government which is supposed to be there to serve ALL of the people and not just those that have all the money.

The function of the current banking system is to act as a funnel wherein the masses pour the fruit of their labor in so it comes out at the other end into the pockets of the 1 percent.


#4

I’ll also add, abolish The Fed.


#5

There’s a word for our present, and worsening, situation:  Feudalism.  The new Dark Ages are almost upon us.
All we’re waiting for now is for Betsy DeVos and her fellow “christian” dominionists to destroy the last vestige of our Public Schools.


#6

“And the public once again demands action” , like 2008 when the “public” demanded action and Congress, controlled by Dimcritters voted for $16 plus trillion in taxpayer funded bankster bailout schemes, enabling the too big to fail banks that controlled 25% of US bank assets in 2008 to control 50% by the time Obama’s POTUS stint ended.

Not one Republican Congresscritter voted for the bailouts, so they easily took over control in the subsequent midterm election.


#7

I think Trump is a populist. But this populism has little to do with banks or economics in general. It has more to do with white nationalism. To Trump the white nationalists are the people and everyone else is welcomed to leave and find another country. Trump;'s claim that he was on the side of the working class was just a scam. It is amazing how well it worked given Trump’s history as a scam artist, particularly with regard to Trump U and the Republican primary where Marco Rubio nailed it calling Trump a scam artist many times. It appears that many working class voters are too trusting of politicians. When someone with a reputation of being a scam artist starts making promises to get votes by bringing back factory jobs to the rust belt that should be a red flag for voters.


#8

Yes, break them…up. Repeal the Federal reserve Act and make banks work for their profits, not steal form the nation and world, deny them the right to continue to operate as a parasite on society! Deny them the right to print money and charge us - society - interest on something we have given them the right to do…? The Federal Reserve Bank is a private entity, not “federal”.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."
~ Woodrow Wilson

"Money is nothing else but that: a figure — a figure which is a claim on products. Money is only a symbol, a creation of the law, according to Aristotle’s words. Money is not wealth, but the symbol that gives rights to wealth. Without products, money is worthless. So, why pay for figures? Why pay for something which costs nothing to make?

And since this money is based on the production capacity of society, this money also belongs to society. Then, why should society pay the bankers for the use of its own money? Why pay for the use of our own goods? Why doesn’t the Government issue its own money directly, without going through the banks?

Even the first Governor of the Bank of Canada admitted that the Federal Government had the right to issue its own money. Graham Towers, who was Governor of the Bank from 1935 to 1951, was asked the following question, before the Canadian Committee on Banking and Commerce, in the spring of 1939:

Question: “Will you tell me why a government with the power to create money should give that power away to a private monopoly and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?”

Towers’ answer: “Now, if parliament wants to change the form of operating the banking system, that is certainly within the power of parliament.”" - from: https://www.michaeljournal.org/articles/social-credit/item/the-public-debt-problem

https://www.globalresearch.ca/who-owns-the-federal-reserve/10489

https://www.npr.org/2016/04/29/476203984/how-managing-money-creates-huge-profits-for-the-federal-reserve


#9

Physicists have a term for the hyper-concentration of mass: the black hole…


#10

Obama’s legacy can be described by one word, ‘failure’. I voted for him once; “fool me once…” The establishment Democrats are using Trump to try and fool us again. We the people had best wise up to the fact that we are being robbed of our dignity, morality and wealth by these robber barons who have once again taken over our country. They pull the strings of our puppet politicians and use their Deep State mafia to rampage other countries and murder their leaders around the world. Our military is but their strong arm ruffians comprised of young men and women who cannot find decent paying jobs with benefits in our robber baron country. How do people allow this round robin of history to continue century after century?


#11

Reich is wrong. The only solution is to convert the Federal Reserve to an actual national bank, nationalize the big banks and create a state bank, credit union, postal service banking system. Won’t happen, but it’s what needed if humanity is to survive and U.S. capitalism is ended. (Those go together). Thanks anyway.


#12

#13

One other thing that could be done is, grab all of the federal regulators, line them up in a single line along Wall St. and kneecap each and everyone of them for the TV cameras! Include a couple of the asses from CNBC and Fox Business channel so the message comes across real well. If the Wall St. boys and girls don’t get the message, their next!


#14

How are you going to break up the big banks when “They own the place”?

Try this:


#15

Robert Reich is a great tool of the Capitalists and their Democratic Party tame progressives. What else can you say to a man posing as being on the Left who so wickedly here limits the alternatives that we can even begin to consider?

I want to agree with SuspiraDeProfundis and TomJohnson1, this is not our only answer, in fact it’s not even an answer. Why? Because it doesn’t solves the real problem: Capitalism.

All it does is make the elite a little less in control of the nation’s wealth, but still in control. It’s going back in time to TR, just like RR likes to point out, to attempt a compromise to make Capitalism less predatory. But as long as you let the system go on, it’s only a matter of time until they move back in and take back the little bit of control you tried to take from them.

The Volcker Rule is a watered down compromise of Glass-Steagall, which itself was a watered down compromise itself.

Nationalize the Banks. End Capitalism.


#16

In this case I would call it the “White Hole.” Otherwise known as Donald Trump and his entire right wing White Republican White House.


#19

A way to break up big banks without the need to prosecute each one
is to tax each bank based on the bank’s global size.

https://stallman.org/articles/progressive-tax-on-business-gross-income.html


#20

Before regulation of the banks can be accomplished Congress must be independent of special interests. This can only be accomplished by voting only for candidates that do not take special interest money. i.e. a voter revolution.


#21

Breaking up the banks is a great idea. But the bank that most needs to be broken up is surely the Federal Reserve Bank–a privately and somewhat anonymously owned entity granted super-governmental powers, mostly opaque in its actions, and primary mover for everything related to dollar-based economics.


#22

Yes Capitalism as an economic system has to be dismantled. The first step IMO is Nationalization of the banking system and ensuring the ability to print money rests with the state. Ideally the concept of money itself would be challenged.

The Ayn Rand types that exist in the USA like to always pretend that when one trades their labor for money (The laborer versus the investor) it an equitable trade and the one side has as much power as another. This is crap. Ones labor is predicated on time . I can not amass more and more time based on my having time. I am limited in my time or labor to 24 hours a day no more and that must also be used to sleep , rest or with family.

Capital has no such restrictions. It can grow and continue to grow all under the control of a single person. The ONLY way a person can compete with “limited hours of labor” against “unlimited Capital” is by working in concert with other workers to expand that pool of hours one using to enter into an agreement with Capital to harness that labor.

The worker is INTENDED to lose out in the Capitalist system by design. It called CAPITALism for a reason.