Pic Of The Moment: "Too Big To Fail, Too Big To Exist Act" Is So Simple It Fits In This Graphic

[EarlG]

Look at Bernie Sanders' "little" bill to break up Too-Big-To-Fail banks... 30 lines long

Follow @demunderground

[NYC_SKP]

1. K/R (nt)

[BrotherIvan]

2. At least he's trying and I love him for that.

[demwing]

9. You don't think there's any hope?

Seems like the type of thing you say to a kid with unreasonable expectation

[awoke_in_2003]

15. The way things have been going...

for so long, and the fact that too many politicians are bought and paid for, leaves little hope in my heart. I do hope I am surprised.

[Veilex]

18. Well, nows a good time to put hope to action. Social media is a wonderful tool.

Spread the word! Tweet it! Post it to Face book. Text it. Phone it. mail it... do whatever you can to get the word out and put social pressure on our politicians through groundswell support!!!

/steps off soap-box

[BrotherIvan]

22. Sorry to say I don't

I guess my cynicism is showing.

[Orsino]

3. Calling their bluff.

Unfortunately, they can just ignore this.

[progressoid]

4. Bernie, Bernie, Bernie. That is soooo 20th century.

[rhett o rick]

5. Sooo T. Roosevelt. nm

[grantcart]

24. Exactly what I thought.

[rhett o rick]

6. I would love it if our President would support this. nm

[pangaia]

8. Yea, but fat chance

He's owned by the money controllers.. too bad..

[Initech]

7. To Big To F/J/T/Sn/E-m/ail whatever. Time to start locking up these assholes.

They need to be prosecuted for their crimes. We lock up the guy with an ounce of pot, but the guy who steals billions from the government is actually encouraged to do so, and gets to store their billions in off shore banks to avoid paying taxes. Fuck that shit.

[whatchamacallit]

10. "Emoprog Bernie is playing right into republican hands with this whiny reform!" n/t

[yurbud]

11. is there a provision that says there will be no exemptions?

[BrotherIvan]

23. +1

[yurbud]

26. that's what ruined the Sherman Anti-Trust Act (along with just plain not enforcing it)

[Dryvinwhileblind]

12. "To Rig Too Bigs To Ail ~ Two Reps Or More To Jail"

"WE Bailed, They Fail WE Who Bailed", on an hourly basis, FFS!>>>FKM Hard, Sir.

[Moostache]

13. Absoluetly PERFECT! K&R x 1,000,000 (n/t)

[Billy Pilgrim]

14. I appreciate Bernie's attempt but-

-this has zero chance of going anywhere.

[Veilex]

19. Honestly? With that attitude, your absolutely right.

Everything starts somwhere... why not try to make this one succeed? "The only thing necessary for evil to triumph is for good men to do nothing." A little dramatic, but accurate.

[adieu]

16. This is where the government really ought to do its thing

The power of the government, by being allowed to do so by the governed, is to be used to protect the citizens (the governed) of the country from enemies, foreign or domestic. A company that is too big to fail is exactly that. If we want to be kind, we can consider them to be an imminent natural disaster waiting to happen.

If we are smart enough to require buildings in California to meet certain earthquake structural codes and roads in the east coast to meet certain codes for icy conditions, then we should be smart enough to write code to prevent a major company from causing a disaster (natural, if we want to call it that, otherwise, it would be prosecutable).

I mean, if we require citizens of Oklahoma to have tornado shelters and citizens of Florida to have flood insurance and hurricane proof windows and shutters, we should also have ways to mitigate major disasters caused by other humans.

And we should implement those ways.

[Amimnoch]

17. If it did pass, would it be enough?

Sure, it's a huge if on this ever being passed in the first place, but even if it did, Would it be enough to prevent 2007 from happening again?

Let's just take one of the big ones that are too big to fail, and say BofA gets broken into 30x entities. what is to stop all 30 entities from working together to create another bubble?

Remember it was all of the too big to fails and many of the smaller banks that worked together to pump the bubble and keep it going until it burst. If it had just been one or 2 of the "too big to fail" companies, the financial crisis wouldn't have been nearly as big a crisis. 30x entities that aren't too big to fail, when they all suddenly fail together during one burst suddenly still become too big to fail all over again, except instead of being 1 company it's 30.

I'm definitely not a financial person, but it seems to me that the business practices and regulations are where the real effect of change needs to be made to make a real difference? Nationalization of the financial currency markets is where it has to start, at least to a government/private partnership type of level. The government regulates, the government maintains 50% interest, the banks make the business decisions, but at a reduced income and in return they maintain their government backing in the event of collapse. In the outcome:
reduced loan rates,
reduced credit rates,
reduced mortgage rates,
higher number of available mortgages, especially to lower income groups,
greater financial institution security from another bubble of irresponsible capitalism run amok.

[Veilex]

20. The answer is simple; No its not enough... but its a start.

The hardest part of any journey is always the first step.

[Mr. Evil]

27. Occam's Razor

Sometimes the simplest solution is the best solution.

[shaayecanaan]

31. The bank failure that started 1929 was tiny

the Bank of New York, a "pants presser's bank" that failed due to a run on deposits. The Fed thought it didnt matter because it was a pissy little lender that they didnt care about.

Within months scores of banks were out of business.

[Benton D Struckcheon]

33. The S&L crisis is the answer to that question

It was huge, but it didn't cause the world economy to implode. It overwhelmed the FSLIC, which was folded into the FDIC when it was all over, and it did cost taxpayers money as the FSLIC didn't have the money to safely wind up all the S&Ls involved, but it was nothing like 2008. The housing market afterwards was stuck in neutral for a few years, but by the mid nineties was back to its old self.
So, this all by itself would go a very long way towards making sure we don't have another 2008. In other words there would still be the chance the FDIC funds would be overwhelmed by another big crisis as the FSLIC was, so taxpayer money might still wind up being involved to replenish the FDIC's funds, but the chance of it being the cataclysmic event 2008 was would be much reduced. That's what history tells us.

[AverageJoe90]

21. Good on you, Bernie! n/t

[mbperrin]

25. Let's get it!

Has there been a White House petition created yet?

[fascisthunter]

28. New Democrats... old Republicans

[burrowowl]

29. K&R

[rhett o rick]

30. Please let us know when this get a Senate bill number and a HOR bill number. nm

[Dark n Stormy Knight]

32. K&R. Our elected officials have a duty to immediately find a way to safely dismantle such

institutions before they blow up!