Praise Sandy Weill, for he hath told the truth — and delivered you from Shorties.
Seriously, I thought I’d have to resort to Shorties today until I saw this little gem: Sandy Weill, the same man who had a giant game of “chicken” with Congress, forcing them to pass laws that allowed his company to become a huge “financial supermarket” now says that we should go back to the way things were after the Great Depression and break up “too big to fail” banks “so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable, and the investment banks can do trading… they can make some mistakes, but they’ll have everything that clears with each other every single night so they can be mark-to-market.” He goes on to drop a second bomb: “There should be no such thing as off balance sheet.”
Really, Sandy? Why the change of heart? Has it suddenly occurred to you that if We The People don’t have any money, we don’t put it in the bank and we don’t buy things? Perhaps you realized that Japan never got out of it’s doldrums until the “zombie firms” were allowed to fail? Have a “spiritual” moment where fair play and the bigger picture somehow seemed important? Don’t get me wrong, glad you joined the “common sense” bandwagon. Just wish you’d popped aboard in the 90s instead of pooh-poohing sensible and necessary banking laws as “archaic” and “not reflecting the needs of the next century.
Too Big To Fail simply must become Too Big To Exist. Seriously.
In Closing: 1 in 5 companies misrepresents freaking lies about their profits; a conservative would probably say they need to get jobs!; two must see video clips; outlawing abortion kills women; what’s retirement?; wasn’t expecting that one; no wonder the “news” doesn’t say anything anymore; what a coincidence [you don’t want to get me started about Pyschiatric Institutes of America and why you’ll never ever get mental health care parity]; Give a big LOL to the State Department Anti-Terror Troll Team; and neither will I.
