Banks that are too big hold U.S. Hostage.
I am especially unhappy when I listened to National Public Radio this morning. They talked about how when Citibank was asked last week, Citibank said they were stable, and everything was okay. Then on Monday morning it is announced that they were favored over the weekend for a 20 billion dollar bailout; which didn’t prove enough, so they are slated for a whopping second set of money this week.
If a bank becomes so big that it’s demise would create a national economic security issue, that constitutes unfair weighting and would be in effect a monopoly.
It was mentioned that Citibank is owned/operated by over 100 foreign nationalities. Seeing as the US is no longer considered “a big player” in the world’s economy, why aren’t those countries bailing it out instead of the US?
It seems foreign nationals want no part in it.
What do you think? I’m tired of this “too big to fail” excuse, and don’t want to pay for it.
