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"What's the matter with the yanks?"I am dismayed at this sort of Marat-like reasoning.Aside from the issues, because Europe is doing something -it is right? It is right for us?Let us not be quite so hasty. This is the land of plenty. This is not Bonaparte's socialist Europe, Hitler's Third Reich, nor the newly fashioned European Union.The same scallywags that call for the break-up of the big banks, are also known for demanding the leveling of the massive wealth of Bill Gates, and others like him.To whom would they give Bill Gates' money? The government? Now we see their vile game.And if we break up the big banks, they expect it will be the government that will achieve the task, pick through the loose ends -and sort out all the more prosperous pieces? Right?No. The government must be made to keep it filthy, greedy, corrupted paws off!The big banks can fail on their own terms.The problem -today- is too much government mismanagement and bail-out interference, -not that there isn't enough.If these institutions are bankrupt, and we all know they are, then auction off their assets.That's the American way for the homeowner -and more importantly- for the bank too.
anonymous, you seem to be missing the bigger picture that the too-big-to-fails own the U.S. government. if it only were so easy to let them fail on their own terms as you say, good riddance i would say!i continually hear socialist this and socialism that, but what I SEE is NOT the socialization of private industry but the creeping privatization of our government. seriously. take a long hard look at how many of our prisons are privately-ran. look at the non-MRE meals and support networks of our troops, again private industry. (defense contractors….don't get me started!) i would go so far as to suggest that it won't be long and our post offices will mysteriously start going by their acronym, but with one less "S" (UPS, get it..) our troops may still have american flag patches on their uniforms but that will be right under a G.E. logo, or worse yet, an Xe logo. our children will eat McDonalds at school lunch.
So, if the banks are not subserviant to government control, who is going to do the breaking up?The whole reason they are continuing to operate is because the ratings agency agreed to re-value the shit on their books at fairy tale valuations. Otherwise they'd be tits up by now.So, unless some entity reverses this decision, it ain't changing any time soon.
"What's the matter with the yanks?"Government thinks we are too stupid. In Europe things are so bad, that the governments at least have to show, that they are doing something. In US the middle class still thinks the government is going to bail them out and take care of them as they did take care of their friends- the banksters.. Wait and see, when people wake up and find out that the country's treasuries are emptied by the looters and there is nothing left for them and their children, but tons of IOU's. They are not going to break only the banks but other stuff too…
I hate to point out the obvious, but liquidation is a break-up too, and not a terribly efficient one. Reorganization would be better for customers and the public, and since the banks won't do it voluntarily, it will have to be involuntary.