Skip to main content

View Diary: Nationalizing the big Banks- how to start. (13 comments)

Comment Preferences

  •  Pluto, what think of this scenario? Nationalize (2+ / 0-)
    Recommended by:
    Pluto, DaleA

    The existing banker/politician consortium claimed they could control the process and the worst was behind them in January of 2009.  They argued for time to heal.

    They were wrong, but the White House supported that view.  In the time since, many features of how damaged and how corrupted the top tier of banking, the superbanks really are and continue to be are being manifested.  The fight to deny any real relief to home mortgagors in trouble. The refusal to be accountable for creating and profiting over both the growth and the collapse of the bubble- betting on both sides. The front running scams that are stealing from ordinary investors now rampant in the stock industry.

             And the TBTF banks getting away with billions of unjustified fees and simply refusing to invest in America and continuing to do so.

             The huge fraudulent  loan scam in MBS and other elements, unresolved as of yet  that are making the banks essentially vampire banks, dead but on money transfusions from the Treasury.  So many loans are not performing  that the banks are technically illiquid in many cases.

            Bank of America is betting that the economy will flounder for years to come and no real growth will happen domestically: that is what laying off 30,000 employees means. they know they can't make money in retail banking, in supporting local communities.  They expect their business and the economy to SHRINK. That should be an alarm bell for something drastic to happen to those banks.

       As of yet is no serious discussions on radical surgery or serious transforms of the  top tier banking sector at the Federal level. Yet.

           Only a big push from below as from the #Occupy
    Wall Street movement and a growing steady presence and demand can change that and now the groundwork is being prepared for that step.  It would have been welcome in 2009, but the courage and daring and real awareness of how sick the industry was  wasn't in place.


    If you think that you and a bunch of other people can just show up on Wall St, camp out and have any effect whatsoever, you're dreaming. *YUP!* h/t Hamden Rice

    by BeeDeeS on Mon Oct 03, 2011 at 12:19:19 PM PDT

    [ Parent ]

    •  The Financial Sector (4+ / 0-) the most effective branch of the Federal Government. It is largely privatized and has unlimited amounts of money to work with inside the government at alll levels. Most elected officials and their upper-level staff are financially supported by them in various ways.

      They are Our Overlords and they determine what will -- and will not -- happen in this nation as far as monetary policy goes. The President and his Financial advisors and related Cabinet positions answer to the privatized Financial Sector.

      They are generally involved in selecting the President, and they have made their decision already for 2012.

      If the Federal government operates differently than the diagram shown below, I have yet to see evidence of it:

      For obvious reasons, they have little interest in being investigated or audited.

      So I do not see that happening as a result of Occupy Wall Street.

      They are closely aligned with the largely privatized Defense Sector Branch of the Federal government, because most of the money Gov-Co creates or borrows is filtered through the Defense Sector on its journey back to  to the Financial Sector.

      None of the money that is filtered through the Defense Sector (except for a tiny portion that goes to jobs in the Murder Weapon Sector) is ever returned to the Commonwealth of the United States. It is non-investment money, unlike all other government expenditures -- so it goes up in smoke and disappears off the accounting radar -- before being returned to the Financial Sector or its foreign affiliates.

      To answer your question, I would say that the Defense Sector has the backs of the Financial Sector in America.

      •  Occupy Wall Street will perform (2+ / 0-)
        Recommended by:
        BeeDeeS, blueness

        ...a valuable service for the American people -- one that I truly believe in and work toward:

        In the end, Occupy Wall Street will allow the American people to see their government for the first time ever -- and understand its domestic power.

        Then, the people can make clear-headed reality-based decisions about the best plan of action they can take to protect and benefit their families long into the future.

Subscribe or Donate to support Daily Kos.

  • Recommended (129)
  • Community (61)
  • Memorial Day (31)
  • Culture (24)
  • Environment (22)
  • Law (20)
  • Science (20)
  • Rescued (20)
  • Civil Rights (20)
  • Labor (18)
  • Education (17)
  • Media (17)
  • Elections (17)
  • Trans-Pacific Partnership (16)
  • Marriage Equality (16)
  • Economy (15)
  • Republicans (14)
  • Racism (14)
  • Ireland (14)
  • Josh Duggar (13)
  • Click here for the mobile view of the site