“A Pale Green Mermaid Blog”
If the banks that caused this crisis by selling and making a profit on flawed mortgage backed investments products are too big to fail, as President Obama has said, perhaps it is time to break up some of these banking monopolies (i.e. trusts).
Trusts are large corporate entities that end up having too much control over the market. (see below).
Certainly the fact that the bad decisions that the big investment banks and insurers made, have the market careening downward – while we (the general public) wait for them, to clean up the mess proves that these corporations have far too much leverage in the market.
The only reason that the government is afraid to lay the law down to these corporations is that the products created, need the perpetrator excuse me, the creator of the product to untangle and neutralize their effect on the market.
It is time to bust some trusts! No one in a democracy should have the power/opportunity to devastate the national/global markets.
Write congress and request that a thorough investigation be made into how the current conglomerations of financial institutions effected the crisis we are in.
Note: Trust-busting is any government activity designed to break up trusts or monopolies. Theodore Roosevelt is the U.S. president most associated with dissolving trusts. However, William Howard Taft signed twice as much trust-busting legislation during his presidency.
Trusts were large business entities that largely succeeded in controlling a market, essentially becoming a monopoly. The term became common in the late 19th century, when a system of trusts controlled much of the economy of the United States. In 1898, President William McKinley launched the “saw-busting” era when he appointed the U.S. Industrial Commission on Trusts, which interrogated Andrew Carnegie, John D. Rockefeller, Charles M. Schwab, and other industrial titans. The report of the Industrial Commission was seized upon by Theodore Roosevelt, who became known as a “Trust-Regulator,” dissolving 44 trusts during his two terms as president. The “Trust Buster” name is probably more suited for Roosevelt’s successor, William Howard Taft, who brought an end to 90 trusts in one term. Although Taft may have done more to control the trusts while in office, Roosevelt retains the nickname because he was the pioneer of trust-busting. From Wikipedia