“Federal taxpayer keeps bailed-out behemoths running”
Published time: 5 Feb, 2010 07:32 Edited time: 5 Feb, 2010 12:19
With Barack Obama having said he hated bailing out the banks, the US public wants to make sure those responsible for the financial collapse are cut down to size.
Barry Ritholtz, author of the book “The Bailout Nation”, says the public anger is understandable:
“Because you can’t get any form of regulation through Congress, this is really a backdoor way to make banks that are so-called “too big to fail” – make them too expensive to be too big to fail. ‘Hey if you guys want to stay ginormous, if you want to stay that big, it’s going to cost you – and we are going to give a competitive advantage to, not the top 50 or 100 banks, but the next 8,000 banks below them,’ who are having a hard time competing against these bailed out behemoths that are living on the graces of the federal taxpayer.”
