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Fed official: Biggest banks put ‘future of capitalism’ at risk

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posted on Jun, 29 2011 @ 11:25 AM

Thomas Hoenig, the president of the Kansas City Fed, argued that the biggest and most complex banks are "fundamentally inconsistent with capitalism." His remarks came just two days after global banking regulators agreed to require big banks to hold onto extra capital in order to reduce the risk of bank failures like those that occurred during the financial crisis of 2008.

Very interesting article covering the financial systems that are supposedly too big to fail, detailing how what we have now is not really comparable to capitalism.

Of course most of you will blame Obama and Socialism



edit on 29/6/11 by Imhotepsol because: Forgot the link :/

posted on Jun, 29 2011 @ 11:31 AM
reply to post by Imhotepsol

I wouldn't just blame the banks, but would include American corporations who are moving their production facilities to Mexico, China, and other countries for pure greed.

posted on Jun, 29 2011 @ 11:40 AM
reply to post by WeRpeons

I count agree with your post any more! Greed, especially of the huge corporate type, is the biggest problem we have on Earth! It really messes everything up. It's like watching two dogs eat beside each other until they're about to burst from all of the food, and then they fight over the last kibble!

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