Saturday, April 4, 2009

Too Big to Fail

'Too Big to Fail' Is Too Big -- Period | Corporate Accountability and WorkPlace | AlterNet

Point No. 1: They have failed. They are kaput. It costs more to buy a snickerdoodle than to buy a share of Citigroup stock. AIG is 80 percent owned by you and me, the taxpayers. These once-haughty outfits are insolvent -- wards of the state.
Point No. 2: If they're too big, why should we sustain them? Let's be clear about something the establishment doesn't want you and me to understand -- these giants did not get so big and interconnected because of natural market forces and free-enterprise efficiencies. They amassed power the old-fashioned way: They got the government to give it to them. In the past 20 years or so, they lobbied furiously to get Washington to rig the rules so they could latterly bloat ... and float out of control.
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