TV News LIES

Saturday, Mar 28th

Last update05:52:25 AM GMT

You are here News Economy Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage

Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage

E-mail Print PDF

JP Morgan ChaseThe economic crash led to the loss of 9 million jobs and the biggest drop in American home-ownership since the Great Depression. Long-term unemployment, poverty and hunger have increased dramatically. People are angry. The Occupy Wall Street movement, a stand against Wall Street's greed, excess and criminality, has captured the imagination and participation of millions across the nation and the globe.

The giant mortgage bubble and the irresponsible and corrupt practices that caused the catastrophic economic crash didn't emerge out of thin air. They were a consequence of decades of pay-to-play politics rife with conflicts of interest; a political system awash in cash and legal pay-offs, designed to undermine the checks and balances that could have prevented the meltdown.

Many of these checks and balances were implemented during the Great Depression. How they were eroded and eventually abandoned is the story of a small group of banks, financial companies and elites involved in major conflicts of interest, revolving-door politics and backroom deal-making -- all to protect the interests of the global elite at the expense of the American public.

Big Finance has a long history of working hard to deregulate the American economic system on behalf of global capitalism run amok. One of its biggest coups was the overturning of the Glass-Steagall Act, a Depression-era law that created a firewall between investment banking and the commercial banks that hold deposits and make loans.

The first victory in the quest to overturn this major protection came in 1986. Under intense pressure from Wall Street, the Federal Reserve reinterpreted a key section of Glass-Steagall, deciding that commercial banks could make up to 5 percent of their gross revenues from investment banking. After the board heard arguments from Citicorp, J.P. Morgan and Bankers Trust, it loosened the restrictions further: in 1989, the limit was raised to 10 percent of revenues, and in 1996, they hiked it up to 25 percent.

More...


Most Recent Related Stories...


Exposing America's Billionaire Welfare Ranchers

billionaire welfare ranchersAmericans love ranchers: Gritty ranchers, mom-and-pop ranchers, renegade ranchers — especially those who raise livestock on...

$10 Million Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty

Time, Inc.Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still...

AIG investors' $970.5 million settlement wins U.S. court approval

AIG settlementAmerican International Group Inc (AIG.N) shareholders won approval on Friday of a $970.5 million settlement resolving...

Obama to announce changes for student loan repayment

Obama to change student loan repaymentsPresident Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!