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Friday, January 28, 2011
Real Reform of the Banking System Means Setting up New Banks
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Chronicles the Bank of North Dakota's fascinating history and reviews its key role in financing the state's economic future. During the early 1900s, North Dakota's economy was dangerously dependent on a single industry—agriculture, an industry controlled by financial interests outside the state. To
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In my opinion, Obama missed a moment just after inauguration to take the banking system by the throat and shove it up against the wall.
He should have and wiped out the big fat liars by letting their banks go bust. Then the honest bankers would have had a chance to step up, rehabilitate and reform. We could have Glass-Steagall back.
It would have been a hell of mess for quite some time, but the system would have recovered quickly enough for Obama to be riding on a wave of earned popularity by now.
I might be wrong about all this. It is quite likely that Obama's hands were tied because W had already bailed out the masters of the universe. I am not an accountant.
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He should have and wiped out the big fat liars by letting their banks go bust. Then the honest bankers would have had a chance to step up, rehabilitate and reform. We could have Glass-Steagall back.
It would have been a hell of mess for quite some time, but the system would have recovered quickly enough for Obama to be riding on a wave of earned popularity by now.
I might be wrong about all this. It is quite likely that Obama's hands were tied because W had already bailed out the masters of the universe. I am not an accountant.
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