Apr 11, 2012 15:00 EDT Legal Commentator and Leading Florida Foreclosure Defense Attorney Roy Oppenheim says the drumbeats to break up our nation’s largest banks are getting louder, points to China, the Dallas Fed and Springsteen quotes.
Time To Break Up ‘Too Big To Fail’ Banks Is NowApr 11, 2012 18:03 EDT
April 11th, 2012
“Let me be frank. Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly.”
Sounds like something I would have said. Or something our president SHOULD be saying.
Except here’s the thing. The elected official quoted isn’t talking about our own corrupt banking system.
The quote above came from the prime minister of China. And he’s talking about his own country’s state-run banking companies.
Wen Jiabao, during a recent broadcast of China’s state-run radio, said his banks need to be broken up to fix his country’s economy.
If China, a country not exactly known for embracing capitalism, wants to break up its banks, does the US have any other choice but to follow suit?
I believe our nation, as a people, is duty bound to do so.
When banks are not only ‘Too Big To Fail’ but too big to compete, we the people must step in and break them up.