Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRobert Reich: TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up...
TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up And Washington Knows It
TARP the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008 is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors.
But in reality its not over. The biggest Wall Street banks are now far bigger than they were four years ago when they were considered too big to fail. The five largest have almost 44 percent of all US bank deposits.
Thats up from 37 percent in 2007, just before the crash. A decade ago they had just 28 percent.
The biggest banks keep getting bigger because they can borrow more cheaply than smaller banks. Thats because investors believe the government will bail them out if they get into trouble, rather than force them into a form of bankruptcy (as the new Dodd-Frank law makes possible).
- more -
http://robertreich.org/post/40027650245
TARP the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008 is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors.
But in reality its not over. The biggest Wall Street banks are now far bigger than they were four years ago when they were considered too big to fail. The five largest have almost 44 percent of all US bank deposits.
Thats up from 37 percent in 2007, just before the crash. A decade ago they had just 28 percent.
The biggest banks keep getting bigger because they can borrow more cheaply than smaller banks. Thats because investors believe the government will bail them out if they get into trouble, rather than force them into a form of bankruptcy (as the new Dodd-Frank law makes possible).
- more -
http://robertreich.org/post/40027650245
Good to see that acknowledged.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
7 replies, 1342 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (8)
ReplyReply to this post
7 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Robert Reich: TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up... (Original Post)
ProSense
Jan 2013
OP
and the competition (smaller banks) is getting shut down. what an anti-trust subsidy.
HiPointDem
Jan 2013
#7
ProSense
(116,464 posts)1. Kick! n/t
EDU2DEMAN
(1 post)2. WE ARE NOT GOING TO TAKE IT ANY MORE, YOU WORK FOR John J. public
We need to stop the flow of our tax money to Washington. Every working person has the right to change their exemptions on their W'4s forms. If there were a movement nation wide to change their exemptions to 10 or 12 for the next 7 months the people in Washington might get the message that we are not going to take it any more. We need term limits on Senators now. They have made suckers out of the American public long enough. edu2deman
ProSense
(116,464 posts)3. "We need to stop the flow of our tax money to Washington."
Is this a RW goal?
Rex
(65,616 posts)5. Did he mean John Q...who is John J?
Me thinks the screaming in the title says it all.
JustABozoOnThisBus
(23,364 posts)6. Who is John Jay? Or maybe it's a misspelled John Galt.
limpyhobbler
(8,244 posts)4. I loved the last paragraph...
the timing is right. The oven is ready. All we need is another multi-billion dollar banking loss like JP Morgan Chases last year and the biggest banks are cooked.
Yep those cookies are burnt.
HiPointDem
(20,729 posts)7. and the competition (smaller banks) is getting shut down. what an anti-trust subsidy.