U.S. Senator Elizabeth Warren is calling for busting up and breaking up the big banks: https://youtube/watch?v=DJpTxONxvoo#t=458 BUT--- busting up the big banks is no solution to anything. Busting up these big banks isnt even any kind of progressive reform. What is required is bringing these big banks, and the entire banking and financial industry, under public ownership and democratic control. We should have learned from the government ordered, overseen and directed break-up of Ma Bell that busting up these huge corporations is no solution at all... and only makes it more difficult to regulate and control these industries which government ordered break-ups to reach greater profits through more severe exploitation of the industrys employees (and outright union busting as in cases like Verizon and CenturyLink) and expanding into new heights in ripping off consumers. Workers and consumers will fair no better with the break-up of big banks like Citibank than they did with the government busting up Ma Bell. The real progressive solution in both situations is nationalization--- public ownership of these industries under the democratic control of the people. Elizabeth Warren sounds like she is attacking Wall Street when Wall Street investors are drooling at the mouth just waiting for the government to bust up these big banks so their fortunes will increase as the misery created for most people deepens. Just ask any worker who had been employed by Ma Bell if their union is stronger today than before Ma Bell was busted up and if their livelihoods in comparison to actual cost-of-living are better today than before the break-up. And dont forget to ask them about health care costs. Real reformers of the banking industry talk about public banking and public take-over of the banking industry and they arent afraid of the red-baiting that they are sure to endure. Many are saying that this recent speech in the U.S. Senate by Elizabeth Warren has assured her a shot at the presidency; but, does her anti-Wall Street rhetoric match up with the real reforms required which would really challenge Wall Streets strangle-hold on political and economic power?
Posted on: Wed, 17 Dec 2014 18:49:06 +0000
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