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View Diary: Tough Choice: If DOJ Prosecutes Wall Street, Banks Could Collapse (196 comments)

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  •  What is funny is that the banks don't even really (1+ / 0-)
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    cynndara

    WANT our money. They don't need it. They are being given free money by the Fed which they turn around and invest and make money on. They don't need to fulfill the traditional role of the banks in the first place - to LOAN money to businesses and individuals as a lubricant for the entire economy.

    But why bother doing that ?- that actually involves WORK and some risk. Much easier to simply sit back and watch their money make money. The FED is actually causing this to happen with their secret bailout. They have really frozen the entire economic system in the country.

    Since the banks don't want to be banks anymore and fulfill their traditional roles, why do we even need them? For many they would be the tree falling in the forest that no one hears. Most people accounts are well under the FDIC insurance limits. Bailing out individual consumers couldn't be anywhere near the cost of the continual transfusions of blood to the giant leeches. The same money being given to the banks to prop them up after their transgressions would have been far more effective as an economic stimulus if the FED had simply given every adult American citizen whatever their share of 12 trillion dollars would be. We would have turned right around and spent it into the economy or paid down our own individual debt to correct our own balance sheets. But, Socialism and the redistribution of wealth is ONLY good if it flows from the bottom up, like it has been doing. There's our "free markets" at work boys and girls.

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Thu Feb 07, 2013 at 06:11:12 AM PST

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