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OpEdNews Op Eds    H2'ed 4/25/10

Of the Banks, by the Banks, for the Banks"

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So much for democracy...

There isn't even democracy among bankers these days. Community and regional banks are being shuttered around the country by the FDIC to the tune of 218 since 2007. Any bank that levered more than its fair share of capital, suffered losses due to bad subprime, and generally managed their money poorly dies a quick painful death as it is swallowed up by the government "safe banking" machine.

Any bank that is except for the Supersized Big Bailout Six...

Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley, and Goldman Sachs - these banks live in a different universe than mere mortals. Why? Because of the buzz phrase you have heard a lot of lately. They are simply "too-big-to-fail."

When a bank is insolvent, the Federal Deposit Insurance Corporation (FDIC) created by the Banking Act of 1933 not only has the right, but the legal duty to take over the bank, divide its assets, investigate its books, and make sure it is open for depositors on the next business day.

But the Big Six operate under a different financial system than the rest of America. Neither you nor I are able to put our debts "off balance sheet." We are not able to borrow from the government unlimited amounts of mulah at zero percent interest. We are not able to keep our jobs after destroying our firms. We are not able to pay ourselves bonuses, buy Leer jets, take spa vacations, and golf on Trump's course on government dollars.

Only the Big Six are "legally" allowed to get away with the economic murder of 10 million unemployed and desperate citizens and 8 million more newly homeless American families. Only the Big Six are able to walk away scot free from the greatest bank robbery in the course of human history.

Frustrated? Yup, me too. As Congress deliberates financial reform, their goal should be to create one set of laws for all 300 million Americans.

Currently, "ordinary" America, the too-small-to-save crowd, lives under a democratic capitalist system where economic failure is not met with pots and pots of government guarantees and cash. The Supersized Big Bailout Six Banks have created an elite super class that is bound by different standards - a world of no laws, a veritable economic anarchy reminiscent of Old World Kings. Theirs is a government sanctioned free-for-all-style monopoly on the nation's wealth - a system that MIT economist Simon Johnson calls an "oligarchy."

The Big Six are capitalist when it comes to profits and socialist when it comes to losses. Wow! What a world it would be for any of us if we could have some poor schmuck like you take over my debts for me. I can just keep the good stuff. Any takers?

Givers and Takers

Apparently, yes there are a lot of takers. According to the 2000 census, there are 300 million of them in the United States alone. That is the number of suckers on the dole for the Supersized Big Bailout Six. Not only is this one-sided undemocratic banking system legal, it has been orchestrated and executed by two presidents (one Republican and one Democrat), their administrations and two Congresses of the United States of America.

American democracy is characterized by equality throughout all economic classes, and not intended to support any privileged class of people apart from the common public.

Yet the financial deregulation of the past two decades, officially sanctioned by the monumental bailouts that began in early 2008 and continue to this day, have created a two-tiered system of economic inequality that favors the Big Six over everyone else.

So how did we become a society where all the rights and privileges are vested in the top management of the Biggest and Baddest Six American Banks?

Banks of our Fathers

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Monika Mitchell is the Chief Executive Officer of Good-b (Good Business International)a leading new media company xcelerating the movement for better business for a better world.
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