1345I signed "Break Up The Banks"
- Apr 3, 2009Forwarded by Nick Bayus <leftinidaho@...>
Check out this petition!
I signed "Break Up The Banks"
Treasury Secretary Geithner proposed a $1 trillion plan  to help Wall
Street make a killing buying "toxic assets" with our tax dollars and
guarantees. And he proposed a complex regulatory scheme  to keep huge
financial institutions from wrecking our economy once again. But there's a
better and simpler solution: *break up those huge financial institutions*. If
they're "too big to fail," then they're too big to exist . Returning to
the banks and insurance companies that existed before the Reagan era would
not hurt our economy. As Paul Krugman writes , "that boring, primitive
financial system serviced an economy that doubled living standards over the
course of a generation." Our friends at A New Way Forward  have a plan:
NATIONALIZE: Insolvent banks that are too big to fail must incur a temporary
FDIC intervention - no more blank check taxpayer handouts. (see Paul Krugman
on nationalization ) REORGANIZE: Current CEOs and board members must be
removed and bonuses wiped out. The financial elite must share in the cost of
what they have caused. (see Simon Johnson on reorganizing ) DECENTRALIZE:
Banks must be broken up and sold back to the private market with new
antitrust rules in place - new banks, managed by new people. Any bank that's
"too big to fail" means that it's too big for a free market to function. (see
Mike Lux on decentralization )