US Banking System is Standing on Quick Sand

As the US struggles with the seemingly never ending recession more news surfaces about problems in the banking system

The Socialist Worker highlights these deficiencies in the banking sector – quote –  They say banks have failed to

  • Failed to identify the real causes of the crisis
  • Failed to fix the defects that caused the crisis
  • Failed to hold the CEOs, professionals, and anti-regulators who caused the crisis accountable—even when they committed fraud
  • Bailed out the largest and worst financial firms with massive public funds
  • Covered up banking losses and failures—impairing any economic recovery
  • Degraded our integrity and made the banking system even more encouraging of fraud
  • Refused to follow policies that have proved extremely successful in past crises
  • Made the systemically dangerous megabanks even more dangerous
  • Made our financial system even more parasitic, harming the real economy

‘The US public are well aware that they are many problems with banks but if all those points are accurate then the US Banking System is in ‘one hell of a mess’!’

Read the full news clip here

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