Wednesday, May 05, 2010

Break Up The Big Banks Now!

The assets of the four biggest banks equal 50% of GDP. The top three equal 44% of GDP. That's way too much concentration of power and wealth.


1. Big Banks are dangerous to our democracy. They have drowned out 95% of Americans, turned government into a feeding trough for the financial elite, and turned economic growth into debt.

2. Big Banking is so dangerously large that an inordinate amount of America's wealth is tied up serving a moneyed elite.

3. Big Banking is the biggest lobby and insidiously lobbies against the majority to make dangerous practices legal. Big Banking controls more than 40% of GDP as profit. There is little competition, allowing for outsized power. The Big Banks high fees and rates are used to create cycles of debt.

4. Big Banks dangerously invest in more Big Banking and do very little lending to small and medium businesses — the real engine for jobs and a safe and prosperous economy. Breaking up the Big Banks and closing the feeding trough means opening up the market to many more small and medium-sized banks, more small and medium-sized businesses and more American jobs.

The interest rates and fees charged by the Big Banks amount to legalized servitude sanctioned by Congress. If Congress won't reign in the abuses of the Big Banks, the American people must.

What's the formula for change? The only way towards a sustainable economy with low unemployment is to break up the Big Banks and to end their reckless, dangerous practices.

The financial industry has grown so big that their profits now eat up 40% of all profits. Consumers must rebel against the corruption that exists between the Big Banks and our government. We must insist on consumer emancipation.

Sign the petitions to break up the big banks!

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