The big banks in seeking profits, using our money, have destroyed the global economy and will destroy the planet, some say, and recommend the following:
1-Nationalize the banks which has been done over and over again in many countries in history and eliminate the profit motive. Germany did it with its banking system. China did it. India did it. And they don't have a recession like ours. This has been done several times in our own history.
2- We used to have decentralized, non-profit banking system in this country 40 years ago, is it time to go back to local banks investing our money locally rather than large banks gambling in derivatives globally with our money?
3-Why are labor unions sending our money to wall street where it is lost and wall street has given back only 1 percent interest in the last ten years?
4-Why do our cities, municipalities do the same thing?
5- Why do us "depositors" give money to Chase everyday and do not understand that money is being gambled away in minutes and is not there, and in the end we as taxpayers make up for losses Chase has through federal gaurantees and the Federal Reserve giving those banks even more of our money?
If change is recommended exactly how would it work and be implemented?
9/23/12
First didn't we partially nationalize the banks in 2008-2009 when the banks failed? Yes we did in a loss-failure scenario, the American taxpayer stepped in and bailed out the banks-by nationalizing (paying off) their debts.
Here is a Wall Street Journal article in 2009 which tries to head off that idea by claiming we taxpayers would suffer from such nationalizations. That is the con. Then we look at the pros.
Con:
http://blogs.wsj.com/deals/2009/01/21/crisis-qa-what-bank-nationalization-means-for-you/
Pro:
Nationalized Banks in India and the pros of nationalizing.
http://www.nationalizingbanks.com/
The historical perspective:
http://www.time.com/time/magazine/article/0,9171,1881992,00.html
What solutions are or have been proposed?
http://articles.businessinsider.com/2009-02-12/wall_street/30051879_1_toxic-assets-bad-assets-bad-bank
How much in legal bills have cost the taxpayers since the 2008 takeover of Fannie Mae and Freddy Mac?
http://dealbook.nytimes.com/2012/09/25/adding-up-the-governments-legal-bills-for-fannie-and-freddie/?src=recg
Tomorrow we come back and evaluate things
