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USA Blog > Banks...Too Big to Fail...too big to exist

"Senator Bernie Sanders introduced legislation that would break up financial institutions that are too big to fail. "If an institution is too big to fail, it is too big to exist," Sanders said. "We should break them up so they are no longer in a position to bring down the entire economy. We should end the concentration of ownership that has resulted in just four huge financial institutions holding half the mortgages in America, controlling two-thirds of the credit cards, and amassing 40 percent of all deposits." Sanders' legislation would give Treasury Secretary Timothy F. Geithner 90 days to compile a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. "

I think this is a great idea and one that we as workers should consider supporting. This is what got us into trouble back in the 30s and here we are just 20 years after Reagan began removing all the safety measures put in place back then, in the same deep doo-doo again.

Here's the link for the whole article... consider contacting our senators to support this effort.
http://sanders.senate.gov/newsroom/news/?id=B8B8FCE1-60B9-4A4B-9BD8-A774761B2182

There's also a great survey on that same page about this whole topic...hope you take it.
http://sanders.senate.gov/polls/index.cfm?uid=d6cfe1fd-461c-4839-a160-ddfc05d4d3e2

November 10, 2009 | Unregistered CommenterAggie Mitchkoski