In a Times Picayune article dated 8/8/12 by Bruce Alpert it was pointed out that the two Senators want the Federal Reserve to increase Capital Requirements for large banks so those large banks don't fail and require taxpayers another bail out. The large banks are described as the top six banks that are twice as large as the top 50 banks combined. Those six banks also have assets that equal 62% of the U.S. gross domestic product. The Senators also addressed those six banks as "to big to fail".
This writer in a commentary dated 11/17/2010 titled "To Big To Fail" published here in politidose pointed out that any business that was "To Big To Fail" constituted a monopoly and should be broken up. Vitter and Brown continue to offer lip service to the real problem of the financial collapse of 2008 and continue to fail and address the real problem of those monopolies. Vitter is one of the many so called conservatives who hate regulations on those banks and now he and Brown's Capital Requirements would prevent another collapse of those large six banks so they say.
Those banks monopoly failed to get Vitters and Browns attention before the collapse and now seek a band aid approach to the same problems. What they should be doing is urging congress and the President to act to break up those six large banks and the monopoly they represent. Congress, Presidents and the regulators in the past understood the danger and damage monopolies could do to the country and its people and broke up those monopolies. That is what should be done to those six banks that control 62% of the economy.
Four years after the financial collapse Vitter and Brown offer nothing concrete that would break up those monopolies and prevent a future repeat of the past. Understanding the past is still the key to the future. Nothing will change until Vitter, Brown and congress understands that. How sad, and that really says it all.
