Senate Ends Subsidies For 2 Big 2 Fail Banks

[Ashotep]

This phrase will always be associated with the 2008 economic collapse that sent America into the deepest recession since 1929. In order to stop the financial bleeding, the U.S. government voted to rescue the big banks rather than allow them to fail and take our economy with them. Ever since, big banks have only gotten bigger on the premise that if they fail again, the government will bail them out. Billions of dollars in taxpayer subsidies have been dealt to those very banks in the years since.

But on Friday, the U.S. Senate did something that it rarely does these days. An amendment was offered as an attachment to the Senate budget bill and it not only gained the support of both Republicans and Democrats, it received unanimous support. By a vote of 99-0, the U.S. Senate voted to strip “too big to fail” banks of the taxpayer subsidies they’ve been getting for far too long.

US Senate Unanimously Votes To End Unfair Subsidies For ‘Too Big To Fail’ Banks

This is great, now if the house republicans don't drop the ball. Now if they will do the same to defense contractors and Big Oil so they aren't getting subsidies.

I think they should break up some of these big banking institutions if they can collapse our economy by their actions. Or at least let them know if they do several someones might go to prison and we will take all their money.

[Rafterman]

One huge reform would be a requirement that banking and investing cannot be done by the same company. You're either one or the other.

[+and-then]

One huge reform would be a requirement that banking and investing cannot be done by the same company. You're either one or the other.

I'm just a simple kind of man but even I have a problem with my banker and bookie being the same person....

[Sir Wearer of Hats]

I'm just a simple kind of man but even I have a problem with my banker and bookie being the same person....

it's even worse when the banker and the local gambler is the same person