Giant Banks Are Trying to Make Bailouts Permanent
Washington’s Blog
December 10, 2009
According to the following Democratic and Republican congress members, economists, financial experts and journalists, the “too big to fails” (with help from bank-friendly voices in Congress) are trying to make the bailouts permanent:
• Congressman Brad Sherman, who serves on the House Financial Services Committee, and was formerly an accountant, and other Democrats in Congress
• Congressman Spencer Bachus, the ranking Republican on the House Financial Services Committee, and other Republicans in Congress
• Former Fed chairman Paul Volcker
• Senior Harvard economist Jeffrey Miron
• Peter Wallison, financial policy study analyst at the American Enterprise Institute
• Veteran financial writer William Greider
• Journalist Matt Taibbi
Unless we break up the too big to fails, they will again make speculative gambles that drive them into insolvency (as they have again and again), and the government will bail them out over and over – perhaps secretly – sending the American taxpayers the tab (through taxes or inflation).
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