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| St. Louis Federal Reserve President Ballard |
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| Dallas Federal Reserve President Fisher |
Dallas and St. Louis Federal Reserve Presidents Richard Fisher and James Bullard, itulip's Eric Janszen, former IMF chief economist's Simon Johnson, and many significantly knowledgeable non-democrats call for breaking up the largest banks. This is not something most of the these people would risk saying without good reasons for saying it.
I agree that we must breakup these largest banks to restore real capitalism and competition. Until these largest banks' parasitic largeness is dealt with, the Federal Reserve, Congress, the President, and captured regulators will continue to enable their dependence on taxpayer's dollars.
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| Former IMF Chief Economist |
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| Venture Capitalist Eric Janszen |
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| A growing economy since 1972--YES, ...for the finance industry, stagnate wages for ever one else. The pie has gotten bigger, but our slice stays the same. |
These banks shapeshift. They are libertarians while making a profit, and socialist when needing a Fed fix after a speculative spree. This is not going to stop by the Fed giving them more money. Just like a drug addict, this will just enable them and allow an uncompetitive banking system to continue further draining the productive economy. This same uncompetitive, state-supported "capitalism" occurs at all of the largest companies but the big banks are at the top of the list in trillions of dollars transferring from the productive economy to the greediest speculative finance economy. Why? We should remember the several hundred fold increase of politician campaign support that has occurred over these last two decades, in both parties. What was about 15% of a hundred times smaller pie of campaign contributions in the late 80's, is now 40% of a preposterously larger waterfall of cash coming from the financial, state-supported oligarchy.Sincerely,
Lawrence Feriozzi
Neotraditional, fair-minded, conservative
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