I wrote a commentary titled, "Too Big To Fail" dated April 17, 2010 in "politidose" and pointed out that if a company was Too Big To Fail it indicated that company was a monopoly and should be broken up. In the book titled "13 Bankers" by Simon Johnson and James Kwak supports everything this writer reported and pointed out in the above cited commentary and then some.
Johnson and Kwak think the Wall Street Banks should be broken up and pointed out that "even after the ruinous financial crisis of 2008 six banks, Bank of America, J.P. Morgan, Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley together control assets amounting to 60% of the country's GDP." In this writers judgement that is a disaster for the country and its people and show's how they have the wealth to do practically any thing they want to do. Johnson and Kwak also point out how the wealth of Wall Street are buying our elected officials with campaign contributions and slick propaganda and avoiding regulations.
Presidents Theodore and Franklin Roosevelt under stood that power and wealth of monopolies are not in the best interest of the country and its people and broke them up during their administrations. It is past time for President Obama and congress to act and do the same thing with the Wall Street Banks and their monopoly. The wealth and power of the monopoly, their ability to control legislation before congress and their ability to bring about another financial crisis and come out smelling like a rose while the general public pays the bill has to be put to an end.
In conjunction with President Obama taking the steps necessary to break the monopolies up he should go after congress and shame them for giving those monopolies special tax breaks and other goodies in the first place and put a end to this crime against the American people and the country. Lately in the news on several occasions it was revealed that Corporate America is sitting on $1 trillion in cash earned during 2010, most of whom are still seeking special tax breaks at the expense of the average American. Congress as a whole lacks the character and courage to stand up and say enough is enough, no more special treatment or favors.
Wealth and power in the hands of ruthless people is anti-American and anti-business in nature. As I wrote in my commentary mentioned above. "Power and wealth gives monopolies the feeling of being invincible and above the law and thereby do as they please." The Sherman Anti-trust act gives our nation the authority to break up monopolies and President Obama needs to point the way and do so. Anything less will make those monopolies more powerful and wealthy and that is unacceptable.
