1. Corey Stinson

    1913 was a very bad year and one of several Constitution-shredding and sovereignty-destroying events that occurred that year was the creation of the Federal Reserve Bank. The same thing that is happening now in Cyprus and Greece, coming soon to Spain/Italy/Portugal, is also coming to the U.S. on a massive scale. Retired folks living on cash nest eggs had better watch out – that system you created and/or tolerated is about to give you a very nice haircut. How will your average spoiled-rotten “I’m on welfare but still got me an iPhone” U.S. citizen behave? No matter, the U.S. Dept. of Homeland Security is preparing now to go to war with all of us on behalf of these same elite bankers you discuss in your article. Any politician not aware of and not addressing these issues is not worthy of your attention.

  2. Jeff Teismann

    Whoa there Bill. You’re starting to sound like the tin-foil helmut folks.

    Whereas there is little doubt that the government is rapidly taking away our liberties, your nebulous inclusion of bankers and “elites” sound paranoid. The old “they’re” out to get us.

    Governments compel us through taxes, fines, levies and imprisonment. Any transaction you have with the banks and bankers, on the other hand, is strictly voluntary. If you don’t like a particular bank, or any bank for that matter, you can choose not to do business with them. That is not the case with the governmet.

    The problem I think you’re trying to address deals with the influence certain financial institutions (e.g. Goldman Sachs) have within our political system. But the underlying problem is that the reason these institutions have developed this incestuous relationship with the political system is that decisons made by politician can have such a dramatic impact on their business and personal fortunes. This is true of all crony capitalism.

    The solution is to reduce the power of government, such that decisions made in Washington and other centers of political power, have such little impact on our lives that it no longer is worth it to change policies.

    Take away the power of government, and you won’t have to worry about “the elites”.

    1. Perhaps.

      But I’m joined by Scott Rasmussen, James Pethokoukis of National Review, and many others.

      And this wasn’t my first dance on this topic.

      The big banks, which were intentionally made larger during the crisis, continue their unfair advantage over smaller banks through TBTF subsidy:
      According to a Bloomberg analysis of the findings, this amounts to a taxpayer subsidy of $83 billion a year, equalling virtually all of the annual profits enjoyed by the largest banks.

      Yes, the government feeds the swollen banks. And the banks will fight with all their subsidized wealth any attempt to weaken either.

      And, no, I won’t defend crony capitalists just because the government makes it easy for them suck at the public teat. The banks lobby hard for protection and subsidies, and in many respects, the government is simply doing their bidding.

      Finally, and at the risk of piling on here. those tin-foil hat wackos at Boston Consulting Group contemplated the need for 26% wealth tax (hair cut) on all US private deposits in 2011.

      I might be nuts, but I’m in good company.

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