Would someone explain to me the economic and socially redeeming value we gain when these global investment banks are involved in esoteric and very high risk areas.
They have been doing this periodically for at least 150yrs (The House of Morgan).

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The bad dept would have been swept away and whoever held it would loose (banks, AIG, etc.) and the solvent part of the banks would have been subdivided and bought by those folks who have……

CAPITAL!

You see my good frind, it’s a Capitalist system here. Not a dept system or a ponzi system or a smoke and mirrors system.

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Ruling rich, state power and dependent idea class( first religion, now academia and the arts ).

Something like 700 banks went tapioca in the Savings and Loan debacle. And there were something like 1,000 successful federal prosecutions for various fraud and bad behavior.

But sofar, um, Bernie Madoff and a handful, or less of his chums have been Club Fed’ed.

There is more crime suppression on the back streets of Detroit at midnight then the halls of finance. But, then again, how can the government arrest its self. These ‘private’ banks are corporatist/fascist appendages of the state.

There’s always someone saying that with out them, the sun won’t rise, girls pine for boys, crops grown or engineers build.

History’s graveyard is full of indispensable institutions.

Have you heard this one: Without criminals, there would be no need for a criminal justice system. If crime became non-existent, would you suggest the government pay people to commit crimes in order to ensure that the criminal justice system and all its satellite industries remain afloat? Maybe you should step inside of history for a moment and imagine what George Washington would have done if a group of bankers tried to extort funds from the US treasury.

No Propaganda is bringing the jobs back.

All the people that got dumped on when Exxon Mobile was pulling down 45 Billion a year, who were then pick pocketed to put 45 billion into Citibank as they were being laid off

Everyone inside made billions while everyone outside lost trillions. That’s how you turn trillions into billions and cause generations of agony.

Yeah, That should go over well in the mid-terms.

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Just curious, have you ever lived in Iceland?

Getting rid of the Fed is another question. We do need a lender of last resort, and states do not have their own currency.

But having a state bank that can borrow from the Fed at low rates makes a whole lot of sense.