In my opinion something does need to be done about the banking system. They make getting loans, getting houses, cars and other large purchases more difficult than needed. It becomes difficult to get a house and continue to pay for it with the way the banking system is. It wouldn't hurt for them to come up with a new and improved system that works for more Americans.
More controls are needed over banks, insurance, and investment companies. These companies should never get bailouts, and they caused the current financial recession. All mega banks, insurance companies, and investments companies should be split into hundreds of smaller companies.
“The oldest propaganda technique is to repeat a lie emphatically and often until it is taken for the truth. Something like this is going on now with regard to banks and the financial crisis. The big bank boosters and analysts who should know better are repeating the falsehood that repeal of Glass-Steagall had nothing to do with the Panic of 2008.”
“In fact, the financial crisis might not have happened at all but for the 1999 repeal of the Glass-Steagall law that separated commercial and investment banking for seven decades. If there is any hope of avoiding another meltdown, it's critical to understand why Glass-Steagall repeal helped to cause the crisis. Without a return to something like Glass-Steagall, another greater catastrophe is just a matter of time.”
“It was only a few years ago that our economy was hit by a financial crisis created by reckless behavior on Wall Street and a lack of consumer protection. It is shocking how quickly some in Washington have forgotten the painful consequences of inadequate regulation—though the millions of Americans who lost their jobs, homes, or retirement savings surely have not.”
The Federal Governments needs to regulate all business, especially banks, insurance, investment, oil and gas and medical companies.
Yes because the government has become too involved. The banking system, like most things touched by bureaucracy, is rampant with abuses supported by politicians who serve themselves and high-powered businessmen instead of the country and her people. Bailouts, even if well intentioned, do more harm than good. As with most issues, the more the government backs off, the better we'll all be.
Currency is the first problem as it is borrowed into circulation and then lent out at interest. This is a problem because it ensures that wealth accrues to those creating nothing but instruments of debt (the banks).
Investment banks that GAMBLE through derivatives with other people's money, thanks to the repeal of the Glass Steagal act, are the most heinous problem on the planet. It destroys firms, creates nothing, and siphons undeserved money into the pilferers pockets (Goldman Sachs)
In the wild wild west we used to HANG speculators, perhaps we should bring that tradition back.
I do not believe that the banking system should be blamed for destroying America, but rather the government. The government is very arrogant and believes that it can intrude on the rights of its citizens. The government is what is destroying this country with all its regulations and we should not stand for such an injustice on our freedoms.