Wednesday, November 30, 2011

Whose Banks? Our Banks.

"When you don't take aren't acting as a good agent for your principals, the taxpayers."

By all rights, the American people should own the major banks right now. We were lenders of last resort, and the government's decision not to secure equity for US taxpayers was an abject failure to represent our financial interests.

We were compelled by the crisis to act as a lender of last resort. But by all rights should have been able to take over the banks, clean house, restructure, and ensure the banks didn't make a profit off of their own avarice and incompetence. Instead, the government participated in the worst kind of crony capitalism by rescuing the banks and then letting their executives profit from tanking the economy

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