Sen Elizabeth Warren writes in email:
" By a unanimous 99-0 vote, the Senate passed a measure from Democratic Senator Sherrod Brown and Republican Senator David Vitter to eliminate the billions of dollars in subsidies that giant "too big to fail" banks receive through lower borrowing costs because of the implicit guarantee they will be bailed out by the government in a time of crisis."
I am suspicious. When Republicans agree it makes me very uneasy. It usually means that Democrats conceded. Maybe it's these words that bother me, " because of the implicit guarantee they will be bailed out by the government in a time of crisis." What kind of business are we running when there are "implicit" guarantees that will cost trillions? (rhetorical) It means we need to break up the banks.
On Edit: Will these "savings" (eliminated subsidies) show on the budget?
= new reply since forum marked as read
campaign money.
"Are we pumping medicine into a corpse?" Not a bad analogy. We are pumping money into a ponzi scheme to keep it running. They will keep raiding the middle class until we are broke. Actually by borrowing from China, Japan and Saudi Arabia, we are literally selling the country. The 1% dont care who owns the country. They will be comfortable anywhere.
You have obviously thought this through.... and see what is happening in Greece.
The banks have screwed us and the effects will continue for a very long time. Letting the banks fail will bring down many other businesses and investments, and we are just plain screwed no matter what we do or don't do.
Breaking them into smaller banks is essential... and "Too Big to Fail" should never be allowed to happen again.
money and then crying because the poor depositors will get hurt so our "representatives" tell them not to worry the taxpayers will make sure the depositors dont lose. Well duh, the taxpayers and the depositors are the same people.
