Fed official: Biggest banks put ‘future of capitalism’ at riskIn the comments, I see that wingnut lies about The Great Recession are alive and well, e.g.,
By Zachary Roth | The Lookout
In a speech at New York University Monday (pdf), Thomas Hoenig, the president of the Kansas City Fed, argued that the biggest and most complex banks are "fundamentally inconsistent with capitalism."
"So long as the concept of a [systemically important financial institution, or SIFI] exists, and there are institutions so powerful and considered so important that they require special support and different rules," declared Hoenig, who is known as a hawk on monetary policy, "the future of capitalism is at risk and our market economy is in peril."
LOL......Oh, the Regulators who FORCED banks into making "Liar Loans", that started the Global Financial Meltdown?.......Oh Yeah, I've got a lot of faith in them and the Federal Reserve System.....NOT....
This is what happens when you have an over-reaching Government.......Banks would have...
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The truth is, there was no "force" involved,but rather a diseased symbiosis, also that ethnic and socioeconomic groups across the board got houses they didn't deserve, and also that CDSwaps, CDOs etc. were the catalysts which brought down the economy.
All this points to banksters regulatory capture of the government pre-crash. The seminal Tea Party before it was co-opted by Corporate/High Finance criminals realized this. Now, one cannot depend on its members to offer any forceful legislation to rein in Wall Street and restore anything approximating a somewhat acceptable form of what would be organic state capitalism.
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