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elizabeth warren grill the treasury secretary jack lou over too big to fail
banks
and i've got some facts you that i wanna share with you guys that shows you just
how bad it is spend just how right elizabeth morris
since the great recession in two thousand eight
just twelve banks or in other words point two percent of banks
control nearly seventy percent of total bank assets
and the twenty biggest banks hold assets equal to nearly eighty five percent of
the country's entire economic output
that is
such a large concentration in such a small number of hands that it's scary
by the four biggest banks which were already considered too big to fail
before the crisis in two thousand eight
there now
thirty percent larger
now think about the implications of that
so we have the great recession in two thousand eight and everybody's talking
about too big to fail to beat the failed to big to fail
which is why the american taxpayer the hard-working of middle-class earners had
to rush in and basically give wall street a popping blank check
now we know that
and then they said that look it won't happen again but we had to do this time
because they're too big to fail
so the logical deduction would be ok so then
from here on out
obviously you have to make them not too big to fail so it'll run this problem
again
they've grown thirty percent since then
although it sure was stupid
since she had treasury secretary jack lewin
she asked the very basic question
how they get into the biggest banks have to get
before we consider breaking them up
they have to double in size triple in size quadruple in size
and uh... so lose response obviously yet thought about this at length
and uh... you work with you on a nutrition to come up with a good
response to this and obviously the working on fixing the problem
so uh... jack lou had this great response he said quote
me me me me me me me me me me me me me me me me me me
now you can ask the question
he simply didn't have an answer
and i wanted to be this when he was responding
one of the things he said repeatedly
is yeah i know i'm not trying to dodge the question here of wintry question i'm
tom directly answering the question disturbing isn't available it would be
needing immediate
by lord owen as their in the middle of dot in question is that i'm not dodging
the question
it's not going to say a i'm not racist but if you have to say i'm not racist
you're probably races
some people might think he will follow politics economics might think and i
don't blame them for this if they don't get this is an airfield
but they might think well who cares so the
biggest banks partic
they are literally operating
above the law
their outside of the law
whether people i bore scandal that we talked about a while back toward the
london whale scandal
look hsbc
was caught laundering money for drug cartels and working with out contact
and or rent
and what did they get they barely got a slap on the rest whatever they're fine
was was even equal to a quarters with a profit for them
i mean eric holder actually said
yellow kabbani we want to do more but were afraid they will affect the
long-term viability of the economy so we couldn't take any more serious action
okay that's not a licensed edges then tells peaches bc
and and j_p_ morgan chase and all these other big banks
yet though i had to go to work we don't care obviously rocket which i just want
to work across to you
so boathouse
putting in all that aside
there also
going to take the economy again
we're gonna have to bail them out like we did before except the problem this
time is that we simply don't have the resources to be able to do that
the answer is simple
the reason why we're not doing it is because there's no political will to do
it and the reason why there's no political will to do it is because
politicians both republicans and democrats
or blocked
by wall street there bought by the big banks and the rich
so you know legislate against them
as the people at the event
legal as a political of the same restaurants
it was a parties there buddy buddy their there like this
engineered hundreds of thousands of million dollars to write all these
campaigns and that's what we're when the politicians are office
they're gonna help me out
all you need to do is actually implement the sherman antitrust act
which uh... from nineteen eighty and onwards there's been
lax enforcement obviously seen these consolidations of the shoots banks to a
point where
it's anti-competitive now with the whole idea of the sherman antitrust act you
bust up monopolies you bust up
big businesses that make at capitalism not capitalism anymore it would be
anti-competitive what you have in all of our key i want to have corporate ism
ruling a day
all the other news break up the big banks man
there may be a headache then we take a lot of work out the details
once you get money out of politics and then you do that
so many of our problems would evaporate
but we don't have the political will to do it when we need to