by Alex Floum, Economic Policy Examiner
April 22, 2009
The following top economists and financial experts believe that the economy cannot recover unless the big banks are broken up in an orderly fashion:
#1. Nobel prize-winning economist Jospeph Stiglitz, MIT economics professor Simon Johnson and Federal Reserve Bank of Kansas City President Thomas Hoenig
http://money.cnn.com/2009/04/21/news/too.big.fortune/index.htm?postversion=2009042112
(and see this:
http://online.wsj.com/article/SB124034036512839857.html
#2. The Congressional panel overseeing the bailout
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJJ_MkIv9VvA&refer=home
#3. The head of the FDIC, Sheila Bair
http://www.cnbc.com/id/29774555
#4. The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz
http://www.kansascityfed.org/speechbio/hoenigPDF/Omaha.03.06.09.pdf
#4. Economics professor and senior regulator during the S & L crisis, William K. Black
http://www.pbs.org/moyers/journal/04032009/transcript1.html
#6. Leading economist, Nouriel Roubini
http://www.bloomberg.com/apps/news?pid=20601087&sid=adEHS6CD6q4Q&refer=home
#7. Well-known economist, Marc Faber
http://www.youtube.com/watch?v=3g7Ln2wc4Ww
#8. Nobel economist, Ed Prescott
http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/harsh_predictio.html
[Alex Floum continues] - This is not a political issue, and I don't have a dog in the fight in terms of conservative versus liberal perspectives on the financial crisis.
This is solely a question of what may be necessary from an economic perspective.
[Mr. Floum adds] - Contrary View: Treasury Secretary Geithner [career PROTEGE of Clinton Treasury Secretaries and GOLDMAN-SACHS BANKERS Robert Rubin & Lawrence Summers] believes that the big banks should be saved.
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Economist: America Is Just Like An Emerging Market, [RULED in DICTATOR FASHION like a 3rd-World Banana Republic] - Wall Street Oligarchs & All
by Julie Satow, at HuffingtonPost.com
April 23, 2009
http://www.huffingtonpost.com/2009/04/23/simon-johnson-on-america_n_190697.html
America may be more like an emerging market than we realize.
That is the analysis by an increasingly vocal and influential professor at MIT, Simon Johnson. In an interview with the Huffington Post, Simon Johnson, the former chief economist at the International Monetary Fund, just like the emerging markets he has spent his life studying, the U.S. has created a system whereby Wall Street "oligarchs" have monopolized and cannibalized the economy. At the same time, Washington regulators have been rendered ineffective, seduced by their aura of wealth and power.
Johnson's solution is, in part, to use anti-trust laws to break up these too-big-to-fail institutions, and for regulators to intensify their oversight of the smaller banks that result.
