One has to wonder if Greenspan makes this suggestion because he feels like he bears some responsibility for the economic collapse in 2008. As chairman of the Federal Reserve, Greenspan did help inflate the housing bubble and he did nothing about the risks derivatives posed to America's economic system.
A person also must wonder if Greenspan's suggestion will fall on deaf ears in Congress. Will Congress take this super capitalist's suggestion and take necessary action against ??too big to fail ? institutions?
Currently, a consumer protection bill is moving through Congress. Barney Frank, a Democrat, has, on behalf of the banking industry, its lobbyists, and market fundamentalist Republicans in Congress, removed many of the provisions that would have benefited poor, working class, and middle class Americans and imposed restrictions on "too big to fail" institutions.
Financial institutions are being allowed to exactly what Democrats let the health insurance industry due to health care reform: Democrats are removing provisions that would seriously reform any part of the economic system.
So, how should Americans be responding? When leaders lack the political will or the courage to risk their position in power, how do we as a people in this society respond?
The vast inequality of the economy is tearing this country apart at the seams. And Wall Street is capitalizing off of income inequality and doing all it can to ensure that it continues to own more than a third of the nation's wealth.
The American people are allowing financial institutions the right to loot and burn down the American economy and then build it back up with taxpayer money so they can loot it and burn it down again.
We are caught up in collapses that are cyclical. They will occur again because of the systemic flaws that our government has created in our free market.
As Americans, we have a duty to stand up and respond and anyone near Chicago should join in solidarity with the United Electrical Workers Union on October 26-27 for the Showdown in Chicago as the American Bankers Association holds their big meeting in Chicago to discuss how they can continue to exploit the corporate welfare our politicians grant them on a daily basis.
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