- Posted May 11, 2012 by
This iReport is part of an assignment:
"Too Big to Fail"
Didn't we already see this movie?
Don't we already know how the story ends?
All day long today listening to the news reports, economists, pundits, even members of Congress talk about the $2 billion gamble by JPMorgan Chase that has turned into a boondoggle of a loss, the phrase "too big to fail" keeps turning up over and over.
Everyone seems to agree that if, God forbid, this is but the tip of the ice berg, and JPMC goes belly up or starts to falter, the government will have no choice, but to step in and bailout the mega-bank.
Wasn't this part of the problem identified back in 2008-2009 that businesses too big to fail were bad for the economy?
Wasn't this concept of too big to fail why American taxpayers ended up footing the bill for AIG (though it is turning a profit and paid us back), GM (which still has along way to go if taxpayers are ever paid back) and Chrysler (which was bought by a French company and taxpayers lost millions)?
Wasn't this idea of too big to fail which resulted in the bailouts the reason for the 2010 Tea Party revolt?
What about all that talk of getting the financial system straigtened out to prevent such from happening again?
What about Dodd-Frank?
If too big to fail has been proven bad for the nation, how is it that since the financial meltdown that banks have grown and are now 45% bigger than they were in 2008?
This growth has taken place on the watch of President Barack Obama and since the passage of Dodd-Frank and other regulations put in place.
Too big to fail?
Another bailout of Wall Street?
Are we expected to just smile and take it?
From the Cornfield, it's time to remove this concept of too big to fail from our national and governmental psyche. It's time to remove the phrase from every lexicon in the nation.
The American taxpayers can't bear any more.
Enough is enough.