TaZMaNiO wrote:
Quote:

WhoElseCouldIBe wrote:

None of this is new info, though..

It is an official publication released last week by the Dallas Branch of the Federal Reserve, and the language is beyond damning for a banking institution of its caliber...

Federal Reserve Bank of Dallas

Perhaps, just perhaps, cracks are forming in the glass ceiling

WhoElseCouldIBe wrote:

None of this is new info, though..

TaZMaNiO wrote:
Oops...maybe there was good reason to be "tense" after all?

Could it be the jig is up?!?

Dallas FED...Choosing the Road to Prosperity: Why We Must End Too Big to Fail--Now

Quote:

TBTF: A Perversion of Capitalism An unfortunate side effect of the government?s massive aid to TBTF banks has been an erosion of faith in American capitalism.

Ordinary workers and consumers who might usually thank capitalism for their higher living standards have seen a perverse side of the system, where they see that normal rules of markets don?t apply to the rich, powerful and well-connected.

Here are some ways TBTF has violated basic tenets of a capitalist system:

Capitalism requires the freedom to succeed and the freedom to fail. Hard work and good decisions should be rewarded. Perhaps more important, bad decisions should lead to failure?openly and publicly. Economist Allan Meltzer put it this way: ?Capitalism without failure is like religion without sin.?

Capitalism requires government to enforce the rule of law. This requires maintaining a level playing field. The privatization of profits and socialization of losses is completely unacceptable. TBTF undermines equal treatment, reinforcing the perception of a system tilted in favor of the rich and powerful.

Capitalism requires businesses and individuals be held accountable for the consequences of their actions. Accountability is a key ingredient for maintaining public faith in the economic system.

The perception?and the reality?is that virtually nobody has been punished or held accountable for their roles in the financial crisis. The idea that some institutions are TBTF inexorably erodes the foundations of our market-based system of capitalism.

OOooohhhH Boy! Things are about to get interesting

TBTF: A Perversion of Capitalism An unfortunate side effect of the government?s massive aid to TBTF banks has been an erosion of faith in American capitalism.

Ordinary workers and consumers who might usually thank capitalism for their higher living standards have seen a perverse side of the system, where they see that normal rules of markets don?t apply to the rich, powerful and well-connected.

Here are some ways TBTF has violated basic tenets of a capitalist system:

Capitalism requires the freedom to succeed and the freedom to fail. Hard work and good decisions should be rewarded. Perhaps more important, bad decisions should lead to failure?openly and publicly. Economist Allan Meltzer put it this way: ?Capitalism without failure is like religion without sin.?

Capitalism requires government to enforce the rule of law. This requires maintaining a level playing field. The privatization of profits and socialization of losses is completely unacceptable. TBTF undermines equal treatment, reinforcing the perception of a system tilted in favor of the rich and powerful.

Capitalism requires businesses and individuals be held accountable for the consequences of their actions. Accountability is a key ingredient for maintaining public faith in the economic system.

The perception?and the reality?is that virtually nobody has been punished or held accountable for their roles in the financial crisis. The idea that some institutions are TBTF inexorably erodes the foundations of our market-based system of capitalism.

kencares wrote:

Former CEO, Henry Paulson (and our last United States Secretary of the Treasury)

Rorschach wrote:
Just remember, Lloyd Blankfein of Goldman Sachs says they are doing God's work.