“No business, regardless of the industry, should be allowed to become SO big that government is FORCED to bail them out or risk a global financial catastrophe.”
No business, regardless of the industry, should be bailed out. Period. Keep government out of it. If you fail, then suffer the consequences.
They did not have to bail out anyone. The market cleans up it's own mess.
The problem here is that the government has not cleaned up it's mess which caused all this to begin with.
The FDIC was put in place to handle regular banks and it worked just fine. CITI bank scared them out of their shorts because of the huge size of a international bank, but CITI only needed money because it was being asked to buy another bank by the government. In fact the government cause all of this to happen.
No doubt, that one or two huge international banks can be a issue if the government is asked to do something with them, but that is no reason to screw with all the banks and remake the industry.
All the changes deemed necessary can be done under existing regulation authority.
Obama needs to use the so called crisis to do something. He wants complete control of the banks. he will use the populist notion that the banks are responsible for the bad economy to do what he wants. Hugo Chavez wanted and got the same thing Venezuela for the same reasons
.
This entire administration needs to go, and go now. They are reckless and dangerous, and if we don't wake up and smell the coffee soon, we will collapse financially, socially and morally.
The posting of this thread tells me we are not smelling the coffee. We are ignorant and still asleep.