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View Diary: Naked Capitalism: "...Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives" (109 comments)

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  •  Jefferson and Jackson were wrong, deeply so (0+ / 0-)

    both drastically cut federal spending to balance the budget and tried to kill the Bank of the US (Jackson succeeded, Jefferson failed), and in so doing caused huge recessions and monetary problems.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Wed Mar 20, 2013 at 10:09:33 PM PDT

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    •  hmmm (0+ / 0-)

      I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
      Thomas Jefferson, (Attributed)

      The "extreme wing" of the Democratic Party is the wing that is hell-bent on protecting the banks and credit card companies. ~ Kos

      by ozsea1 on Thu Mar 21, 2013 at 08:18:26 AM PDT

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      •  And we have a modern world without banks how? (0+ / 0-)

        Everything can be bad if poorly done and unregulated. We need banks like we need air to have a modern world. They fuel the economy. We'd be back to the early middle ages without finance. And Jefferson had no credibility to talk about money, having been terrible at personal AND national finance and been in debt most of his life for reasons entirely of his own making.

        We need banks. We need to regulate banks. End of discussion.

        "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

        by kovie on Thu Mar 21, 2013 at 08:54:23 AM PDT

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        •  Public and regulated banking, fine (1+ / 0-)
          Recommended by:
          kovie

          Privatized control of our national money  - the commons - where "overhead" is charged as the cost of doing "business", is not.

          Please note that I never advocated doing away with the banking system. As you note, we wouldn't have a "modern world" without it.

          Please see "The History of Money"  - the wiki article isn't too bad.....

          http://en.wikipedia.org/..._(book)

          On that, I hope that we can agree.

          The "extreme wing" of the Democratic Party is the wing that is hell-bent on protecting the banks and credit card companies. ~ Kos

          by ozsea1 on Thu Mar 21, 2013 at 10:21:06 AM PDT

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          •  On this we agree (0+ / 0-)

            Public and regulated banking. Which, in theory, we have. In practice, we do not, as the banks control the government and the fed, indirectly but just as effectively. I have no problem with private banking too. In fact we absolutely need it. But it too has to be heavily regulated.

            "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

            by kovie on Thu Mar 21, 2013 at 11:17:11 AM PDT

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