First National Bank laid off 1,000 people; where do they go? There are no jobs for them. So we are having serious economic problems in this country. We are in a real economic crisis.
Sentiment: NEGATIVE
Forget about banks that are too big to fail; the focus should be on cities, municipalities and countries that are too big to fail.
If a bank's too big so that it can't fail without hurting our economy, well then, it's too big.
As long as there is cash, and the economy is running, all is well. But as a bank, we'll have to test, experiment, try a hundred different things. A few may work, a few may fail, but we have to experiment and try.
The job of the Central Bank is to worry.
Where are the jobs going to come from? Small business, manufacturing and clean energy. Where's the money to finance them? The banks and the corporations in America today have lots of money that they can invest right now.
There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.
We need to think deeply about whether we can sustain banks that are not only too big to fail, but potentially too big to bail.
Nationalization would likely mean wiping out the big banks' managements and shareholders. It's because that reckoning has mostly been avoided so far that those bankers may be the Americans in the greatest denial of all.
At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time.
The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.
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