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Originally Posted by Bucco
VILLAGEKAHUANA....saw this the other day and thought of you when you used to go on about the size of banks and how whatever was being done would reduce those large banks....I am paraphrasing so feel free to correct me on that but at least in my head that is what you were saying.
This is from a blurb I saw the other day...
"Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the credit crisis.
Five banks – JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Goldman Sachs Group Inc. — held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, according to the Federal Reserve.
Five years earlier, before the financial crisis, the largest banks’ assets amounted to 43 percent of U.S. output. The Big Five today are about twice as large as they were a decade ago relative to the economy, sparking concern that trouble at a major bank would rock the financial system and force the government to step in as it did during the 2008 crunch."
Great news: “Too big to fail” banks even bigger now « Hot Air
Bottom line to me....I/we trusted this man on health care and he lied and continues to do so. There were a number of things that I actually thought this man would or could do...but he lied all around.
That is enough for me !! |
Big isn't always bad, Bucco. But what is bad is big combined with a tepid and ineffective regulatory structure. Unfortunately, that's what we have. Dodd-Frank is a joke. It doesn't provide the regulatory structure that I think is necessary and in fact the complicated regulations it does require tends to drive the smaller, community banks out of business, making the largest banks even larger. (That's what they wanted, of course, and that's what they got as the result of their lobbyists payments to members of Congress.)
I know that the vast majority of those on the right have ObamaCare squarely in their sights. But really, the law that has the potential of creating another life-changing crisis in the near term is Dodd-Frank. But nary a word about overturning that abomination. And unfortunately, the critics don't understand our financial regulatory structure any better than they understand the contents of ObamaCare.