U.S. Sen. Bernie Sanders: Too Big to Fail?.....Too Big to Exist

[marmar]

via CommonDreams:



Published on Friday, November 6, 2009 by The Huffington Post

Sanders Tackles Too Big to Fail in Two Pages
by Sam Stein


Senator Bernie Sanders (I-VT) introduced new legislation on Friday that should, he claims, solve the phenomenon of massive and failing financial institutions holding the nation's economy captive.

It's all of two pages long.

The Vermont Democrat-Socialist unveiled the "Too Big to Fail, Too Big to Exist Act" -- which he billed as a succinct remedy for tackling financial risk and avoiding a repeat of the taxpayer-funded bailouts that occurred just one year ago.

The act is straightforward. It would require that 90 days after its passage, Treasury Secretary Tim Geithner "submit to Congress a list of all commercial banks, investment banks, hedge funds and insurance companies that the Secretary believes are too big to fail."

Subsequently, one year after the law is enacted, the Treasury Secretary would be required to "break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout." .......(more)

The complete piece is at: http://www.commondreams.org/headline/2009/11/06-1

[FiveGoodMen]

1. No question about it.