March 5, 2010 archive

Dallas Fed chief calls for breakup of ‘too big to fail’ banks in New York speech

BRENDAN CASE, The Dallas Morning News – March 4, 2010

Federal Reserve Bank of Dallas President Richard Fisher traveled to New York to trumpet a message he’s told Texas audiences before: Banks that are too big to fail are too big to exist in the first place.

Speaking Wednesday at the Council on Foreign Relations, Fisher said big, systemically important banks should be dismantled before regulators have to deal with another crisis like the one that nearly brought down Wall Street and the rest of the U.S. financial system in late 2008.

“The dangers posed by too-big-to-fail banks are too great,” he said.

Fed Chairman Ben Bernanke and others have said Congress should pass a law giving regulators “resolution authority” to close down failing financial companies.

http://www.dallasnews.com/shar…

That is Good News, sort of.

Listen to this  self-absorbed fucking ponce:

“To be honest with you, I really hope it blows up. I think the U.S. taxpayer deserves to lose a trillion dollars over this thing for the way they have behaved.”

This narcissistic douche goes on to berate politicians, as well:

“They only care about the next election, just like we only care about the next bonus. Well, none of them cares about the country, none of us cares about the institution.  They really don’t care, and I really don’t care. And frankly, if a trillion dollars gets lost, fine.”

Another self-pitying victim of his own vapid, mercenary belief system agrees:

“I think it violates everything I believe in, and it’s un-American.”

This prehensile wallet stands by his social contract: Hey, we had a fucking deal, man!

“You made a commitment to us, and we made a commitment to you. And for anybody to look beyond that, as the politics and the media are at the moment, is missing the point. You can’t expect us to just roll over and ignore that commitment because there is a bunch of immoral bigots that intend us to do something different. It’s not going to happen.”

Whereas another country club-circumscribed extortionist thinks your treatment of him has been horribly, horribly gauche!  And an anti-commie plot!

“I think it’s distasteful. It’s unfair. It’s unjust. I agree with you, it’s not American. It is McCarthy-ite. . . . It will be viewed as a horribly dark period.”

Finally, I really hope someone gives this oblivious wanker exactlywhat he demands:

“This country is supposed to stand on due process.”

Aw.  Poor things.  We’re abusing them.  Next thing you know, they’ll be calling it torture.