I can understand Wall Street's purpose if it's a mechanism to supply capital to new and existing companies. With its vast funds it can lubricate the gears of the national economic machine. But Wall Street can also be a parasite on the economy.. sucking out its lifeblood when it gets control of commodity markets like food, oil and gasoline.
My question is what should Obama have done back in January 09? Should he have then broken the political power of these banks? Was it too late to nationalize them and break them up because TARP was passed 4 months before?
I just see this as such a lost opportunity to put these banks back in the cage to where Wall Street became just a boring money utility instead of an economic parasite that can bring the economy down.
Comments
He could do now what he could have done then (it's an even bigger problem today): Institute a 10-year income tax holiday for banking profits.
The big banks do not have any profits, so they would not benefit. New banks would be created to provide banking services the economy needs.
The President do anything? I'll paw through my vest-pocket US Constitution later, but for now, I don't think the executive branch has that power. Only to get up on the bully stump, FDR stile.
That is why we all need to get out for the big vote, & vote big for the most progressive, furthest lefty candidates that we can send to congress.
Then, We The People can howl out our desire for major reform; A New, new deal, that would include banking reform. Nationalize the "too big to fail".
Put the Federal Reserve inside the Dept. of The Treasury.
What of the power of the executive in time of war? What of all these office holders, and their oath to defend The Constitution against all enemy's, foreign, And Domestic?
Are the big banks, & other financial institutions, serving multinational interests, a clear & present danger? Have they, and are they conducting their business with care for the well being of our nation, and its people? May it be that the multinational financial cabal should be called out for what it is & dealt with as deadly assault is to be addressed? Who doubts that legions have gone early to their graves, and families wrecked, at the end of the big banks conduct?