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Senator Sanders Introduces Bill to Break Up the Too Big to Fails
Washington’s Blog
Saturday, Nov 7th, 2009
As Reuters notes:
An independent U.S. senator on Friday introduced a bill that would give the government the power to identify and break up financial firms that are “too big to fail,” an idea that is catching on.
“If an institution is too big to fail, it is too big to exist,” said Senator Bernie Sanders in a statement.
“We should break them up so they are no longer in a position to bring down the entire economy,” he said.
Sanders is an independent outside the U.S. political mainstream. But he is not the only one looking at break-ups.
Representative Paul Kanjorski, the Democratic chairman of the capital markets subcommittee in the U.S. House of Representatives, is working on a break-up power amendment.
It would give a new government systemic risk council break-up power, with clearance from the president.
“It’s the natural action of capital to grow and exceed. Now we’re going to contain it,” Kanjorski told CNBC television.
For background on the too big to fail issue, see this, this and this.
Sanders’ legislation would give the Secretary of the Treasury ultimate decision-making power:
Sanders’ legislation would give Treasury Secretary Timothy Geithner 90 days to list commercial banks, investment banks, hedge funds and insurers that he deems too big to fail.
That wouldn’t be so bad if Obama fires Geithner and replaces him with someone independent of Wall Street.
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7 Responses to “Senator Sanders Introduces Bill to Break Up the Too Big to Fails”
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November 7th, 2009 at 4:31 am
a powerful film about jfk and the need for people to be true, very moving a little tear jerking , has a lot of great points and is a must see for freedom lovers http://www.youtube.com/watch?v=LUY7dl7X_vo
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November 7th, 2009 at 6:38 am
Yeah, that’s what we really need. Give Little Timmy Geithner total fucking control.
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william b travis Reply:
November 8th, 2009 at 12:25 pm
this bill will actually be used to bust up the competition to the boas goldmans
and other parasitic fascist banks that currently enjoy an incestuous relationship
with our totalitarian government
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Colonel X Reply:
November 8th, 2009 at 1:34 pm
Geithner is just a F’ing whore from Goldman Sucks.
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November 7th, 2009 at 7:24 am
Break them up and make sure that no individual or person can own more than 2%. End the Thieving FED!!!!
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November 8th, 2009 at 7:37 am
watch this short film about predictive programing, the lies in t.v and movies and how the lines of reality are bluried to brainwash people, chemtrails-h1n1-911-aliens-wizard of oz, must see it- the human revolution- http://www.youtube.com/watch?v=Pq9JcAzrJdM
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November 8th, 2009 at 9:45 am
Why is is that all of these alleged ‘fixes’ involve giving government more power? These companies are only as big as they are BECAUSE of government. how is giving government the power to control peoples property going to help? One more commie link from this shite website and im taking my business elsewhere
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