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WASHINGTON – In the face of stiff GOP opposition, Obama administration officials want Senate Democrats to purge a $50 billion fund for dismantling "too big to fail" banks from legislation that aims to protect against a new financial crisis. Republicans contend the provision would simply continue government bailouts of Wall Street.
The sweeping bill aims to prevent a recurrence of the crisis that nearly caused a Wall Street meltdown in 2008. Beside creating a mechanism for liquidating large firms, House and Senate bills would govern previously unregulated derivatives, create a council to detect systemwide financial threats and establish a consumer protection agency to police lending, credit cards and other bank-customer transactions.
Originally posted by lonexxwolf
You make a very good case, it does seem we hardly need it, seeing as how our current administration seems to think that it can "bail out" all the too big to fail companys, I'm sure I don't need to name them all.
Whatever happened to free enterprise? I run a small business, and every time I declare my income/expenses to the IRS, they have a question........ Is all your investment at risk? I have often wondered how these "too big to fail companies" would answer that and how that would affect their tax status. Maybe someone with IRS law knowledge can give me an explanation.
I for one think, we DEFINATELY don't need this fund, it would just give more influence to this companies, setting aside 2 or 3 million $'s, for a lack of a better knowledge of what the government is thinking about, to a company like BoA, who by the way posted a 3.2 billion $ profit for the first quarter, the 2 or 3 million or even if it's 200 - 300 million, would be a drop in the bucket.
How bout making an honest effort in making every citizen "too small to fail"????