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hoses warren takes on a whole eric holder he came right out inside these
uh... banks become too big to jail
and she says that is proof that there are also too big to fail and it's time
to get rid of the alma
it's really interesting you go back to the uh... in the beginning of american
history
george washington las vegas good just to say
george washington asked alexander hamilton his secretary the treasury
what do the words general welfare meaning the constitution after all you
help ready help sell it
and in his report on manufactures hamilton says the term general welfare
was doubtless intended to signify more than was express reported
in those which preceded
uh... which preceded was the power to raise money
uh... and uh... in others tax-and-spend
more suited to what was express report of those which preceded otherwise in
numerous exigencies incident to the affairs of the nation woulda been left
without a provision
the phrases as comprehensive as any that could have been used because it was not
fit that the constitution authority union
to appropriate its revenue should have been restricted within narrower limits
than the general welfare
and because this necessarily embraces and vast for any particulars which are
susceptible neither of specification
nav definition it is therefore necessity left in the discretion of the not
national legislature to pronounce upon the objects which concern the general
welfare
and for which under that description an appropriation of money is requisite
and proper and seems to be no room for doubt the whatever concerns the general
interest of learning of agriculture manufacturing of commerce
within the sphere of the national council's
as well as regards any application of money
and then speaking of money
in federalist number ten we have james madison talking about
i landed interest in manufacturing interest american tell interest a
moneyed interest in other words he's talking about land holders manufacturers
retailers
and bankers
and many lesser interest grove necessity and civilized nations the regulation out
of the regulation
of these various in interfering interest forms the principal
task of modern legislation
it is the necessary an ordinary operation of the government's
sue
two different banks
austin peterson founder and publisher of a libertarian republican dot com
director production freedom works
uh...
see what's what's which is the website keras boston pearson dot com
a hot gotta go k dot
heidi i i said okay so you know we have banks doing exactly what numerous
economists from ann smith to karl marx and susan is during a moral sentiments
karl marx desk top it off
all of them described
without the regulation of government
within a sector corporations will large corporations will eat small corporations
until there's only one two or three of those corporations left in the function
as a cartel government is necessary
to enforce competition is it time to break up these too big to jail banks or
are they going to bring down capitalism good question i mean i actually think we
might be able to are that there are a great actor all the cars when you talk
about it is
when we're talking about the problem there's quick with his amidst the
special favors author of the banks that make them too big to fail it's the
bailouts and things like that and you see if i'm not talking about that
then i
they ought now seriously awesome if you if we
and i'm not a fan of a billion out the banks i think that we should have done
or ronald reagan did
and and nationalized the banks but if you instead did nothing and let the
banks fail like herbert hoover did in nineteen twenty nine nineteen thirty
nineteen thirty one nineteen thirty two and the first three months in nineteen
thirty three if you do whatever hoover did and republicans are talking and in
certainly libertarian to tell you right now
what he would end up with and what we did end up with in the thirties as a
consequence of that
was that all these small banks when they failed
got bought out for pennies on the dollars by big banks
and you ended up with basically andrew mellon on in the country
right now would you want to do is to do wasn't like france
incentives to do right by their customers because what we have right now
banks are not incentivize to do right by the customer but look at interest rates
interest rates are the lowest that they've ever been in history and they've
been low well-stocked people and that's the tape recorded in history
so now the problem but that is is that it incentivize incentivize as banks to
him out and take care of the little guy because what about that they don't make
brought up all of this debt from other major financial institutions and they're
not as incentivize to do things like handout loans to lower income or myself
how would you have big government sanitize the banks
well what i would do it so i would break up a larger banking cartel will have
also use big big big government a break up the big banks what i'd like to do is
that i could break up the banking cartel in the way ok abolishing are central
back so if i read will lead to mix of any kind of thing to do with the fact
the secretary of his soviet missiles are used as a result of a acquisition of are
a hundred other banks by the parish
so what we wanted
here at work here if we want banks to be forced to compete we want them to be
able to set their own interest rates so what we would be words is that we would
abolish the federal bank and we would allow regional banks to compete
against one another about way if banks do bail it doesn't take the entire
country whippet it could be a realized problem where baby perhaps detroit uh...
the banking system and or give up mario cuomo's but the banking system and there
are new york wouldn't have done that they will have to take their progress
right now what we've set ourselves up workers are too big to fail one side's
not all you're describing austin and and i'm guessing you if you have to be a
student's history
is what happened after interjection history the second back to the united
states
it'll lead to
was a period of time from from that time
until nineteen thirty five
when never
wants during the entire period time do we go more than fifteen years without a
major
national
bank panic then i need your national bank failure because he cites boom and
bust
because these banks were not regulation but we do have a great depression to
revert sessions we had absolutely good if that's what art or not you know that
if you had a donation from eighteen seventy eight and till eighteen ninety
eight the wisdom
bit was opposite was far worse than the great depression in nineteen thirty
every complaining about capitalism and if you could look at local because you
have to understand that like papa capital profit and loss
so good to have to be insufficient but sometimes people off because they're
made that decision since i will make that decision belted when it's the banks
its elderly with all of us it's our money
i don't know that that's not your money what your what is your money with other
people who want to know if we all are talking about his *** is a nation is
our money as a nation
when the money is the medium of exchange that we as a nation of decided to use
and when you
totally privatize it
and you look away privatize it
what you do is you create these boom and bust cycles as banks try to compete with
each other and uh... by each other
and uh... overreacting and there's a lab and quietly when you get is the soviet
empire when you're not having you nationalize it what you get is what we
had in the united states in nineteen thirty five until nineteen ninety nine
and a glass steagle not wonder
single
banking collapse not want that wet bank is the creator of the business cycle it
is the problem if you want to business able exit was was worse before we had a
central bank although i would argue that the central bank has very little to do
with the business cycle
the central bank that a lot to do with the business cycle they're the ones who
according to how you can offer the subdued as a cycle being so severe that
dead from the washington administration until the wilson administration
well until of the total roosevelt the second roselle administration we never
went more than fifteen years
without a major at national banking crash
because you never know
we never go anywhere without haven't sometimes you have a loss you have to
understand partly because i always have a coroner boom there goes that okay so
that we're talking a surplus arrested at the letter saying that there's an
outside a downside to capitalism i'm agreeing with you and if we were talking
about manufacturing socks i'd have no problem with that you know occasionally
socks manufacturers going out of business
and we all have to wear the same socks for two years but we're talking about
our money supply
we're talking about
banks we're talking about people's savings we're talking about people on
the edge a retirement being wiped out we're talking about young people going
into life with with nothing that but that's because of the central bank it's
not because of the original baghdad has had a long before we had a central bank
are all that blue circle back so look at that i would happen continuously during
the intervening period from the energy axa ministration when the second so that
that was quite ill than that
until eighteen nineteen thirteen when the first one of the most recent was
created
twelve part of our propaganda
back but the had a lot
today the
it is addressed and i think it is right and i think we've both made a point to a
lot of
without that conclusions
hoover machines
the girls
i guess austin peterson and of course you can read all about it in austin
peterson sdn dot coms website