"We won't let Wall Street crush our economy again," said Sen. Elizabeth Warren
Had Obama and Congress followed POTUS Ford’s 1976 Conrail model by taking over the too-big-to-fail banks in 2009, breaking them up and selling them off, we would not now be facing the next crash with even more dire consequences than the 2008 crash.
Railroading is inherently a far more complex business than banking. Bankers make banking complex because there is immense profit in complexity and confusion…its a well tested business model. Reorganizing the banks while under gubmit control would have resulted in a more equitable “recovery” from the 2008 crash resulting in Trump and the GOP having a harder time winning in 2016.
" Bankers make banking complex because there is immense profit in complexity and confusion."
Attorneys are also in the same category, because at $300.00 to $500.00 per hour they love to manufacture complexity. Like a friend of mine said: when you are accepted and attend law school, the first thing you learn in law 101 is: HOW TO BILL!
People would be smart to move away from banks and to credit unions. One can do pretty much the same things at a credit union as at a bank. An independent community bank is the next best thing, but only until it gets bought out by the big banks.
People should disengage from wall street as much as possible. That means local banks, local merchants, etc, etc. Unfortunately, Washington and Wall Street have schemed for years to figure out a way to get everyone’s retirement funds into their hands. 401Ks, IRAs and pension funds are not retained and invested locally but sent to Wall Street. Why do our State penson funds need to invest anywhere oustide of our state? Why aren’t our social security taxes held an invested locally? Our control on most of this has been given up to Wall Street. Thank the “elected” officials who supposedly represent us. If people were involved only on a local scale, they would more likely know who to trust and who not to and where there funds were invested. Maybe all of this is good - because putting trust in Wall street was never that good of an idea. Caveat Emptor.
Pigs at the trough! The RepubliCon swine are hanging themselves politically with all the filth and thefts for the uber wealthy they are engaging in - if only we had a true opposition party with some gumption rather than timid DINO Rcon-lite frauds who lap-up as much slop as they can for themselves…
It just goes to show how attention is diverted from the real important bills as this one to the circus of the Comey testimony and then, perhaps, passed with nary a mention for the damage done by the bill. Washington is all a play of smoke and mirrors, to keep folks from seeing the ways that their lives are affected by legislation when signed into law. The tax and the banking industry subversion are just two of the many examples of how lives are damaged by legislation. Meanwhile the circus of political theater goes on with the players on stage of the media. I’ll wait for the transcripts. I have more important reading to attend to without wasting time on procedural drivel on the tube/screen.
I belong to a credit union and it saves me a lot of money charged as fees in regular banks. Who says socialism doesn’t work?!!
Great analogy Emphyrio!
‘Pigs at the trough.’
I grew up with a pig farm directly across the street from me, and one more up yonder behind us about a couple hundred yards.
Watching this administration, if that’s what you want to call it, attempt to legislate, is like standing outside the pig pen and watching the animals feast on whatever is on the ground.
Of what you say I have no doubt but who, besides a very vocal few, in Washington have any interest in equality? Even the higher minimum wage effort is based on the wrong numbers and will do absolutely nothing to insure a living wage at forty hours a week. Congress does not parcel out their pay raises to insure that they will never be above the inflation rate.
Right wing Speakers For Truth, Justice, and the American Way, by GOD and Country!