Sounds like something I would have said. Or something our president SHOULD be saying.
Except here’s the thing. The elected official quoted isn’t talking about our own corrupt banking system.
The quote above came from the prime minister of China. And he’s talking about his own country’s state-run banking companies.
Wen Jiabao, during a recent broadcast of China’s state-run radio, said his banks need to be broken up to fix his country’s economy.
If China, a country not exactly known for embracing capitalism, wants to break up its banks, does the US have any other choice but to follow suit?
I believe our nation, as a people, is duty bound to do so.
When banks are not only ‘Too Big To Fail’ but too big to compete, we the people must step in and break them up.
There really is no other choice. It’s pretty shocking that China has come to that conclusion before us. In fact it’s an absolute disgrace.
The idea that it’s OK for the TBTF banks to continue operating at the size they now do is a fallacy and it’s a notion that’s only been propounded by the banking industry to basically preserve the status quo.
Just shows you whose pockets many of our politicians are in.
Only when we have competitive, nimble, smaller banks that are able to seize new opportunities as they arise are we going to be able to compete on the world stage.
There is a glaring lack of competition amongst the Too Big To Fail banks. And of course, when they control over 50 percent of US banking capital, why would they want to compete?
Let’s not forget that the US has a history of breaking up companies, that either through their own growth or incompetence, become a monopoly.
Companies of that size hurt economic growth, and there is just no way that our dysfunctional real estate market will significantly improve until the banks are broken up.
We need a rebirth, back to a time where banks were invested in their local communities, where people looked up to their local bankers. It has been, and ought to be, the backbone of our country.
But that can’t happen until the Too Big To Fail Banks are broken up. If that doesn’t happen, it could take years, maybe another decade for the real estate market and the unemployment rate to come back to a sense of normalcy.
Tags: at&T, bank, banking, banking companies, banking in the united states, banking industries, banks, banks system, break up, breaks, china, dallas fed, economy of the united states, Federal Reserve, federal reserve system, finance, large banks, monopoly, politicians, real estate market, standard oil, steel, subprime mortgage crisis solutions debate, too big to fail, Wen Jiabao