US Deregulates Banks For More 'Dominance', Not Your Savings
Funny how the mainstream media frames a return to 2008's greatest hits as a mere potential 'could lead to.' We've had a front-row seat to this before. In 1999, the Glass-Steagall Act was repealed, courtesy of senators like Phil Gramm (R-TX) and President Bill Clinton, dismantling the firewall between commercial and investment banks. Just nine years later, the global financial system nearly
evaporated. Now, under the guise of 'strengthening' the economy, the US is once again loosening regulations, making banks 'too big to fail' even bigger, while the public gets the bill when they, inevitably, do fail. It's less about boosting lending and more about boosting bonuses for those at the top. The 'dominance' isn't for Main Street, but for Wall Street’s speculative casino. The FT asks if
the rest of the world will follow – one might better ask if the rest of the world enjoys taxpayer-funded bailouts of private greed. This isn't innovation; it's a meticulously rehearsed rerun of a disaster movie, with the same villains and the same victims.