Wednesday, February 23, 2011
From the Dept. of Wishful Thinking
Reuters is reporting on the remarks of Kansas City Federal Reserve President Thomas Hoenig who believes that the Banks are too big and need to be broken up.
"We must break up the largest banks, and could do so by expanding the Volcker Rule and significantly narrowing the scope of institutions that are now more powerful and more of a threat to our capitalistic system than prior to the crisis," Hoenig told a meeting of the Women in Housing and Finance.The only people who don't agree with him are the ones who make the rules.
Hoenig called for "Glass Steagall-type" provisions that would no longer allow commercial banks to engage in the riskier activities normally confined to the investment sector.
We must make sure that large financial organizations are not in position to hold the U.S. economy hostage.
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