On the Money!

Waldman:  

Of course the whole notion of repairing bank balance sheet is a lie and misdirection. The balance sheets we should want to see repaired are household balance sheets. Banks have failed us profoundly. We want them reorganized, not repaired. A world in which the banks are all fixed but households are still broken is worse than what we have right now. Too-big-to-fail banks restored to health are too-big-to-fail banks restored to power. The idea that fixing legacy banks is prerequisite to fixing the broad economy is a lie perpetrated by legacy bankers.

Comments

[James Bowery]

What if the power structure were more critically dependent on, not just a particular gaggle of banksters, but on _relationships_ that had been established between the banksters and intelligence services?

What I'm thinking of here is that information is power, and the financial institutions have a huge amount of information on the populous that the government spook shops want to have access to but there is also a huge amount of information on the economy that the spook shops have that the banksters want to have access to. There would naturally develop corrupt relationships over time that would need to be maintained out of the light of day -- relationships that it might be very costly and time consuming to construct.

If you let the financial institutions go on the bankruptcy auction block, an entirely new crop of guys would be in control of that intelligence and it could take _decades_ to re-establish the government's corrupt domestic intelligence capabilities. It might blow the entire game wide open!

Better to do _anything_ to keep the current banksters in in-place.

[Elenora]

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