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Tue Jan 8, 2013, 04:54 PM

Robert Reich: TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up...

TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up — And Washington Knows It

TARP – the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008 – is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors.

But in reality it’s not over. The biggest Wall Street banks are now far bigger than they were four years ago when they were considered too big to fail. The five largest have almost 44 percent of all US bank deposits.

That’s up from 37 percent in 2007, just before the crash. A decade ago they had just 28 percent.

The biggest banks keep getting bigger because they can borrow more cheaply than smaller banks. That’s because investors believe the government will bail them out if they get into trouble, rather than force them into a form of bankruptcy (as the new Dodd-Frank law makes possible).

- more -

http://robertreich.org/post/40027650245

Good to see that acknowledged.

7 replies, 870 views

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Reply Robert Reich: TARP is Over, But the Bailouts Will Continue Until the Big Banks are Broken Up... (Original post)
ProSense Jan 2013 OP
ProSense Jan 2013 #1
EDU2DEMAN Jan 2013 #2
ProSense Jan 2013 #3
Rex Jan 2013 #5
JustABozoOnThisBus Jan 2013 #6
limpyhobbler Jan 2013 #4
HiPointDem Jan 2013 #7

Response to ProSense (Original post)

Tue Jan 8, 2013, 05:41 PM

1. Kick! n/t

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Response to ProSense (Original post)

Tue Jan 8, 2013, 06:28 PM

2. WE ARE NOT GOING TO TAKE IT ANY MORE, YOU WORK FOR John J. public

We need to stop the flow of our tax money to Washington. Every working person has the right to change their exemptions on their W'4s forms. If there were a movement nation wide to change their exemptions to 10 or 12 for the next 7 months the people in Washington might get the message that we are not going to take it any more. We need term limits on Senators now. They have made suckers out of the American public long enough. edu2deman

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Response to EDU2DEMAN (Reply #2)

Tue Jan 8, 2013, 07:16 PM

3. "We need to stop the flow of our tax money to Washington."

Is this a RW goal?

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Response to ProSense (Reply #3)

Tue Jan 8, 2013, 07:44 PM

5. Did he mean John Q...who is John J?

Me thinks the screaming in the title says it all.

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Response to Rex (Reply #5)

Wed Jan 9, 2013, 05:23 AM

6. Who is John Jay? Or maybe it's a misspelled John Galt.



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Response to ProSense (Original post)

Tue Jan 8, 2013, 07:42 PM

4. I loved the last paragraph...

the timing is right. The oven is ready. All we need is another multi-billion dollar banking loss – like JP Morgan Chase’s last year – and the biggest banks are cooked.


Yep those cookies are burnt.

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Response to ProSense (Original post)

Wed Jan 9, 2013, 05:35 AM

7. and the competition (smaller banks) is getting shut down. what an anti-trust subsidy.

 

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