Excellent news from the Independent Senator in Vermont. Sen. Sanders has introduced legislation (2 pages for whiny Cons that can’t read!) that directs the Treasury Dept. to identify institutions that pose a threat to the American economy, being classified as “too large” if their failure would cause harm to the economy, and to break them up any way the Dept. chooses to a point where they no longer constitute a threat.
Sen. Sanders has been talking about this concept for over a year now – since the economic meltdown precipitated by gambling centers masquerading as banks took hold last fall. These institutions were bailed out by American taxpayer money to the tune of Trillions of dollars. We saved them from their crappy gambling habits. And we haven’t gotten anything in return except for an uneven field to play on. These institutions were labeled as “too big to fail” by too many politicians who had relationships that many judged to be too cozy. They “had” to be saved. Why? For what purpose? What is going to stop them from making the same crappy decisions in the future since the taxpayers bailed them out against their will? Nothing.
Nothing except legislation like this. If the banks want to become gambling houses and be irresponsible, they don’t deserve to exist anymore. Sen. Sander’s legislation would force them to act like banks once again. What a concept!