Bush Bailout Chief Channels Bernie Sanders' Call To Break Up Big Banks - GoFuckYourself.com

dyna mo · 02-17-2016, 02:12 PM

Neel Kashkari is on Sanders' side when it comes to big banks. Hillary Clinton and Obama are on the other.

Kashkari, now president of the Federal Reserve Bank of Minneapolis, likened big banks to nuclear reactors and said the 2010 Dodd-Frank law championed by President Barack Obama to curb the risks large financial institutions pose to the economy "did not go far enough” to protect against a meltdown.

With the nation’s biggest banks getting larger since the 2008 financial crisis, and larger still after Dodd-Frank, Kashkari joins policymakers and experts who say large financial firms remain too big to fail.

Too-big-to-fail is the notion that some banks, such as JPMorgan Chase or Citigroup, are so important to the economy that government officials always will bail them out if they neared collapse. These firms are inclined to make risky bets because they know they'll be protected. Kashkari said too-big-to-fail "contributed significantly to the magnitude of the crisis and to the extensive damage it inflicted across the economy."

The White House, backed by large banks, has sought to dispel worries.

Bush Bailout Chief Channels Bernie Sanders' Call To Break Up Big Banks

02-17-2016, 02:12 PM	#1
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 61,646	Bush Bailout Chief Channels Bernie Sanders' Call To Break Up Big Banks Neel Kashkari is on Sanders' side when it comes to big banks. Hillary Clinton and Obama are on the other. Kashkari, now president of the Federal Reserve Bank of Minneapolis, likened big banks to nuclear reactors and said the 2010 Dodd-Frank law championed by President Barack Obama to curb the risks large financial institutions pose to the economy "did not go far enough” to protect against a meltdown. With the nation’s biggest banks getting larger since the 2008 financial crisis, and larger still after Dodd-Frank, Kashkari joins policymakers and experts who say large financial firms remain too big to fail. Too-big-to-fail is the notion that some banks, such as JPMorgan Chase or Citigroup, are so important to the economy that government officials always will bail them out if they neared collapse. These firms are inclined to make risky bets because they know they'll be protected. Kashkari said too-big-to-fail "contributed significantly to the magnitude of the crisis and to the extensive damage it inflicted across the economy." The White House, backed by large banks, has sought to dispel worries. Bush Bailout Chief Channels Bernie Sanders' Call To Break Up Big Banks