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Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Introduction to Economic Depression. History of Economic Depression. Government Actions. Table of Contents Expand. The Great Depression. We were told that the taxpayer was stepping in — only temporarily, mind you — to prop up the economy and save the world from financial catastrophe.
What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyper concentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it.
After the audit the public found out the bailout was in trillions not billions; and that there were no requirements attached to the bailout money - the banks could use it for any purpose. During the bailout the government also allowed many of the banks to use the bailout money to merge - Chase and Bear Stearns, Wells Fargo and Wachovia, Bank of America with Merrill Lynch.
So the result is that they are much bigger today and have become an oligopoly that controls a huge amount of money. Their favorite tool Derivatives was taken away by the Dodd Frank laws but they cleverly got derivatives back by including them in a bill to fund the government. And derivatives are again backed by the FDIC so the banks are ready to gamble again. But it has now been 3 years since it was approved and only half of the regulations have been implemented. An important part of the Dodd Frank legislation was the Volker Rule, which was to bar banks from proprietary trading or making trades using customer funds.
The legislation was scheduled to go into effect in but lobbyists have successfully stalled the bill until at least The first thing that needs to be done is the solution proposed by the Federal Reserve Board of Dallas. Sherrod Brown a Democrat senator from Ohio submitted a bill to break up the big banks but only got 33 votes in the senate. Perhaps if the public would have known of the secret bailout using trillions of taxpayer dollars, the bill might have passed.
Some form of the Glass Stiegel act should be put in place that separates the commercial part of the banks from the investment part. Millersburg Pa. Wyomissing Pa. Providence R. Pleasant S. Franklin Tenn. Chesapeake Va. Emlenton Pa. Greeneville Tenn.
Elkton Md. Warsaw N. Atmore Ala. Muncie Ind. Rochester Minn. Newton N. Hoquiam Wash. Monmouth Ill. Arlington Mass. Green Bay Wis. Palm Desert Calif. Rockville Md. Oak Ridge Tenn. Clayton Mo. Norfolk Va. Fitzgerald Ga. Great Bend Kan. Lafayette La. Rockland Mass. Easton Md. Redwood Falls Minn. Footnote 1 Charlotte N.
Greensboro N. Vineland N. Union N. Corporation Hermitage Pa. York Pa. Cayce S. Chattanooga Tenn. Tappahannock Va. Arkadelphia Ark. Aurora Ill. Quincy Ill. Greensburg Ind. Merriam Kan. Tecumseh Mich.
Fargo N. Bismarck N. Newport N. Toms River N. Vienna Va. Morgantown W. Manitowoc Wis. Jonesboro Ark. Oakland Calif. Ocala Fla. Princeton Ill. Effingham Ill. Carmi Ill. Hammond La. West Chester Pa. Moscow Tenn. Scottsdale Ariz.
Little Rock Ark. Palo Alto Calif. Boca Raton Fla. Munster Ind. Marysville Kan. Wichita Kan. Troy Mich. Springfield Mo. Oak Ridge N. Berlin N. Sewell N. Summit N. The Independent Commission on Banking has recommended wholesale reforms of Britain's banking system - with the big banks' high street operations to be ring-fenced. Which raises the question, how much did - the bank bailouts actually cost us?
And how much are they still costing us? Fortunately, the National Audit Office has looked into this - with a report out in July this year. It shows the level of financial support given by the government to the Banks since The report tries to make an assessment of how much they still owe us now, after repayments, fees and interest.
According to the report:.
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