LOS ANGELES, Nov. 12 /PRNewswire-USNewswire/ -- The following is being
released on behalf of WheresOurMoney.Org:
Now that we've nursed the financial giants back to health after their collapse
last year, what to do with them?
They're more addicted to risk and power than ever, secure in the knowledge
that taxpayers are there to catch them when they fall - and make sure the
bonuses get paid.
On WheresOurMoney.Org, we've been looking into the "too big to fail"
phenomena. Our conclusion? When Wall Street gets "too big to fail," Main
Street flunks.
"Too big to fail" banks are one fact of life we can no longer afford.
Some recent posts on WheresOurMoney.Org:
"Too Big to Get Sick: Vaccine for Swine"
Goldman Sachs, Citigroup, and JP Morgan Chase are getting doses of the H1N1
flu vaccine ahead of virtually everyone else in the country. Wall Street's flu
bailout might be comical if it didn't seem to confirm what most Americans
suspect: that we live in a two-class system in which the financial elite is
protected from all form of risks while the rest of the country has to fend for
itself.
"Size Matters"
One very practical solution to the problem of "too big to fail" banks that's
just now making it to the table: break them up.
"Go Ahead, Put All Your Eggs in Our Basket"
Now we know what happens when a few giant banks all make the same bad bets: a
lot of eggs get broken, and the bankers don't pay to clean up the mess, we do.
"From Watchdog to Pussycat"
If we didn't learn anything else from the economic crisis, we know this:
consumers need a fierce ally in their corner. But can the administration and
Congress deliver in the face of tenacious financial industry lobbying to
defang it?
"WheresOurMoney.Org?" is a project of the Consumer Education Foundation, a
non-partisan, California-based non-profit that supports policy research,
public education and advocacy.
For more information on "Where's Our Money" email Martin Berg at
m.berg@wheresourmoney.org or Harvey Rosenfield at
h.rosenfield@wheresourmoney.org.
SOURCE WheresOurMoney.Org
Martin Berg at m.berg@wheresourmoney.org, or Harvey Rosenfield at
h.rosenfield@wheresourmoney.org, both of WheresOurMoney.Org
