The Bankers form an association and then experiment with economy. Selling mortgage which is not recoverable and giving loans to corporate has led to the economy suffering. The myth of “big do not fall” has been pushed aside. Rather the saying “The bigger you are the harder you fall” holds true for the banking fraternity.
Major banks are getting bail outs, but why? Do millions have to suffer because of a few elites? The times are really dangerous.A few private players are running the economy. If you cast aside the legality factor major banks are doing everything the crime syndicates used to do. Favoritism, nepotism and general carelessness about welfare is driving the economy to nuts.
These big corporations have even taken over the welfare system largely. Major Insurance companies are being controlled by these big daddies of finance.
So what is the way out? As a citizen and a former banker I can give a few suggestions.
- Levy Financial Transaction Tax – It will discourage the banks to lend heavy.
- Put a Cap on Compensation packages – The salary package Cap should stay for longer duration.
- Do not let them grow big – It was the big banks which faltered. So put a limit on the total assets and break down the bigger banks into smaller institution. This will help to keep control and also will increase the number of jobs.