More than three-quarters of all Americans across the political spectrum are in favor of having a cop on the beat to rein in big bank abuses of customers.
That’s according to a Consumer Reports survey that asked respondents about their perception of the Consumer Financial Protection Bureau, a government agency that grew out of the nation’s banking collapse several years ago.
The survey went on to reveal that some 90% of people believe banks should be accountable for their law breaking. Almost as high a percent believe there should be rules against banks cheating people with their credit card operations, loan practices and other customer relationships.
By the way, we’re not out of the woods yet with the problems with the banks, even though we’re three years removed from the financial meltdown of 2008.
In fact, the CEO of Bank of America has been trying to convince analysts that his bank is not insolvent. Yet we all know that the nation’s largest bank only exists because of the taxpayer bailout it received.
I believe that one of the greatest errors we made in the aftermath of the financial meltdown was that we allowed “Too Big To Fail” banks to continue existing. These giant banks serve no national need and are only a detriment to the country. The reality is if the CEO of Bank of America is wrong and the bank is insolvent, we the taxpayers will be called again to bail out those clowns.
The banks have been above the law for too long. It’s time for them to be under the law. It only makes sense to dismantle the big banks. No bank in the United States should control more than two cents of every dollar on deposit.
Yet we have a tiny handful that control more than half of all banking in America. And when they’re dumb and incompetent and eventually fail, you know they will come back to us to bail them out again. That’s just plain wrong.