Trump says he’s thinking about breaking up the big banks

Posted: May 1, 2017 in Uncategorized

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Unlike Obama, at least he has the guts to raise the issue – but I won’t hold my breath.

World News - Breaking International News Headlines and Leaks

President Donald Trump said Monday he was contemplating breaking up the big Wall Street banks.

“I’m looking into that right now,” he told Bloomberg about bringing back the “old system” that separated consumer lending and investment banking.

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Comments
  1. Kenneth T. says:

    D’you know what I want?

    END THE FED!

    • I’ll second that motion, Kenneth. Here in New Zealand we have a political party aimed at ending the ability of private banks to create money. It’s called the Social Credit party and they have recruited a friend of mind to stand as a candidate in the election this year.

      • Kenneth T. says:

        I don’t know much about New Zealand. I didn’t realize things were so bad (uhh) all over.

        ***
        I only know New Zealand is home of the Maori. That’s awesome, (but a topic for another time)

  2. marblenecltr says:

    It needs to happen, but we must beware of what the shadow powers have planned for replacement. World Bank, IMF, BIS, …

  3. We need banking like what’s in North Dakota!

    “This Publicly-Owned Bank Is Outperforming Wall Street

    The Wall Street Journal reports on the impressive record of the Bank of North Dakota

    While 49 state treasuries were submerged in red ink after the 2008 financial crash, one state’s bank outperformed all others and actually launched an economy-shifting new industry. So reports the Wall Street Journal this week, discussing the Bank of North Dakota (BND) and its striking success in the midst of a national financial collapse led by the major banks. Chester Dawson begins his November 16th article:

    It is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn’t seen profit growth drop since 2003. Meet Bank of North Dakota, the U.S.’s lone state-owned bank, which has one branch, no automated teller machines and not a single investment banker.”
    https://www.commondreams.org/views/2014/11/19/publicly-owned-bank-outperforming-wall-street

    If it can work in North Dakota, it can work in the rest of the country. And why this hasn’t caught on, I don’t know because it seems to be a sound model, for sure!

    • Shelby, you are definitely a woman after my own heart. And you keep saying you don’t know anything about economics! The Bank of North Dakota serves as a lasting legacy of the People’s Party, although the party itself essentially fell apart after the 1896 presidential election. I think the leaders could have kept the party going if they had been successful in their efforts to organize industrial workers and Negro tenant farmers – but the anti-union backlash (much of it originating from the federal government) was too strong and southern tenant farmers were terrified of being lynched if they tried to organize publicly.

      • Dr. Bramhall, if I could choose one person in the blog world that I would like to someday meet and shake their hand, it’s you!

        You are absolute sense and sensibility and then some. It is always my pleasure to come here and be allowed to comment. Thank you for having me on your most excellent blog! You are a treasure!

  4. The irony in Australia is that the once publicly owned bank is still called ‘The Commonwealth Bank of Australia’ after it was sold off.

  5. We have a publicly owned bank here in New Zealand (Kiwibank), but unfortunately they borrow money from private banks just like the commercial banks. The New Zealand treasury did create their own money (instead of borrowing it from banks) during the recession. They lent it at low interest to Kiwi families wanting to buy homes.

  6. Rick Cooley says:

    You had me at “Trump says he’s thinking…” That I truly doubt. 😉

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