UPDATED: Who said it....and when?
Who said it?
UPDATED: Who said it....and when?
"No private enterprise should be allowed to think of itself as ”too big to fail.” Federal deposit insurance, protecting a bank’s depositors, should not become a subsidy protecting the risks taken by non-banking affiliates. If a huge ”group” runs into trouble, it should take the bank down with it; no taxpayer bailouts should allow executives or stockholders to relax."
UPDATE: As noted by my amazing Google-literate commenters, it was indeed the Nattering Nabob of Negativcism-man himself, William Safire, writing in the New York Times all the way back in 1998, when a Democratic president and a GOP-controlled Congress conspired to tear down this wall between banks and others types of massive financial institutions. Just goes to show, people knew. And nothing was done.
It all goes to show that America does have a two-party system, Corporate Right and Corporate Left, and they both left you holding the proverbial bag.
Comments (23)
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My old man is a television repairman. He's got this ultimate set of tools... I can fix it. --- Tim Geithner, discussing the US Economy— Mr. Smith
I would go one farther than Safire--the organizations should not be allowed to grow that big in the first place. More and more I find The Limits of Growth to be my textbook.
Will: you know William Safire wrote speach's for Nixon. Knowing and stating are one thing. However, a concenus was formed and laws passed. The initiative was to combat global banking/ finacial/ insurance powerhouses. The US was losing out on market share in banking. Major global companies were borrowing from banks outside the US as those banks could raise the capital required. Also, borrowing from non-US banks brought about much globalizition. Manufacturing in Asia for example. The sin was not in the allowing of US global banking, but in the lack of required reporting to the FED, govt, and markets.— Fisher- LJL obviously misses the point. EVEN WILBUR is saying Safire was RIGHT yet you are trying to minimize his prescience by linking him to that evil Nixon. You,sir, are a fool.— WriteWinger
- Will....great front page today on the DROP program. THank you for highlighting these corrupt politicians. I have to give you credit when you deserve it. Nice job Inqy/DN. Makes me think there is a culture of corruption. Rahm Emmanuel taking $300k+ from Freddie mac for staying long enough for a cup of coffee...........culture of corruption— taxmemore
- now keep it on thr front page with new details as they arise foor weeks until these clowns wither from the bad press and scrap the program— taxmemore
taxmemore - read the article too and agree pressure needs to be put on these people - maybe a 90% tax rate on DROP pensions????— bird11- that is very funny bird11. If the same kind of faux outrage that obama, dodd and co. put out there over AIG was again trotted out for DROP-gate i think you would be on to something. Even though I think that confiscating citizens $ through punitive tax law is the most disgusting abuse of power I have seen in this country in a a very very long time. where are all the W haters now crowing about abuse of power?— taxmemore
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Gramm-Leech-Bliley was passed to accomodate the Citibank-Travelers merger of 1998, and at the time it was dubbed the Citigroup Relief Act. Initially a Republican initiative, it only gained Democratic support by adding greater consumer protections to the Community Reinvestment Act. I'm not convinced that it alone started this mess. However, it is a clear manifestation of the real problem - Wall Street had already gotten too big for its britches. It literally dared the government not to remove Glass-Steagall restrictions by going forward with the Citigroup merger when it was still illeghal. Sure enough, Congress and the White House bended to Wall Street's whims.- yogaqueen - that's just nasty!!— bird11
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- For anyone interested in a scathing analysis of how we got to this state with mega-banks being bailed out by hacks in our government (such as Summers, Geithner, and most of all Graham), read this: http://www.rollingstone.com/politics/story/26793903/the_big_takeover It's way too complicated for me to accurately summarize (let alone fully understand), but I can say that it makes it clear that we've been completely scr*wed over.— Talking point sleuth
- Boy the truth really hurts doesn't it LJL. I was not presumptuous, but perceptive. "Evil" was my characterization of your transparent attempt to link Mr. Safire with Nixon. If you didn't think Nixon was evil, why mention it? What "perspective" does it give. But in any case, ONCE AGAIN, you missed the point, didn't you?— WriteWinger
- TPS got it all wrong again. Andrew Cuomo, housing secretary under Clinton, mandated under threat of his office to pursue bias charges against the banks, that these banks give 50% of home loans to "sub prime" borrowers. Period, end of story.— WriteWinger
- TPS the first hint that you are in fact a moron is that you turn to Rolling Stone fo your in depth analysis of the finanical meltdown. thank you for opening your mouth or taking to a keyboard and removing all doubt— taxmemore
- Try reading the article, taxmemore. It's quite in-depth and informative, and is extremely critical of Dems, and Obama's economic team in particular. If you actually have some issues of substance to discuss regarding the article, I'm game. I mean you wouldn't be one to just lob inane insults at me because you're incapable of discussing issues of substance. lol!— Talking point sleuth
- WriteWinger. One the points that the article makes abundantly clear is how the impact of the actual of bad mortgages has been magnified exponentially by the irresponsible gambling done by Wall Streeters. Maybe if you tried reading that article you might actually be able to understand that? And btw, the mortgages issued under the program you're talking about are a relatively small part of the loans under default, and defaulted at a significantly lower rate than mortgages issued by banks that didn't participate in those programs. And btw, here's another assignment for you. Listen to this interview - with someone who was heavily involved in derivative trading way back when - and then get back to me (it completely devastates your talking points): http://www.npr.org/templates/rundowns/rundown.php?prgId=13&prgDate=03-25-2009&view=storyview— Talking point sleuth
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