Fed official: Biggest banks put ‘future of capitalism’ at risk.
Are Wall Street mega-banks so powerful and sprawling that they threaten our entire capitalist system? That's the claim being made by one top Federal Reserve official.
In a speech at New York University Monday, Thomas Hoenig, the president of the Kansas City Fed, argued that the biggest and most complex banks are "fundamentally inconsistent with capitalism."
That is the definition of capitalism, big corporations robbing the little guy and getting as big as possible. Big banks are suppose to do that in a capitalist system, how is that putting capitalism at risk? That is like saying that Bin Laden while alive tried to put the future of terrorism at risk by planning 9/11.
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