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Ending "too big to fail"?

Posted: Nov 11, 2009

The anti-monopoly laws in the US are weak. Large corporations are multi-conglomerates. Put the two together and you have companies that are "too big to fail" without taking too many people (as in jobs, personal savings, and such) down with them.

Thoughts on the legislation to correct the formations of such behemoths?

I'm not crazy about ignoring the issue and letting the market cure itself. To me, that seems like passing the problem off on later generations because I don't think it's going to cure itself without decades passing, if ever.

PS: How about we discuss this one for real, and ignore the fly-by, subject-line-only, unsigned posts? Anyone up for that?

;

Which companies in particular - not quite sure - just me

[ In Reply To ..]
sector you are talking about. Banking industry, auto, health care, companies like JC Penny, Sears, WalMart.

I think government needs to stay out of companies business and not bail out every company that is going under. If a company has a product that is failing let the company go out of business.

I'm just unsure what industry you are talking about that this will be passed on to later generations. I do know the govt is spending more money than we have and they are putting our children in debt and that is something that has to stop (all while govt/politicians are getting richer). They give bail outs to companies and instead of using the money for what it is for they send it overseas and also use it to speculate in the market - not what it was intended for). Not sure this is what you are talking about.

Various proposals - NJ

[ In Reply To ..]
Yah, it's interesting to see what proposals are coming up. One says Geithner needs to come up with a list of institutions that he says are "too big to fail" (and would need bailouts to avoid such) and then break them up.

Another allows easier government takeover of any such company that is failing with the government as a holding company until the failing company could be bought by some other institution. That one, I guess, deals with incompetent management and keeps the government out except as a haven while the crapstorm settles and the company changes hands.

The general idea is that the megacorporations are dangerous because the impact of them having difficulties is so enormous. The legislation is geared towards protecting the public from such megacorporations failing.

So, it's all about failing and the fallout of that. When the airlines failed, the fallout wasn't so dramatic. When financial institutions fail, it can be a catastrophe. I doubt any retail stores would fit the description. Not even WalMart.

There's be more to come in the news in the days ahead. All still being worked out.

NJ

Something definitely needs to be done....(sm) - Just the big bad

[ In Reply To ..]
If nothing is done, then we are sure to have a repeat. I think the largest opposition to this is people thinking that this will destroy the free market economy. However, when you have huge monopolies like we have, the market isn't as free as one would think.

The idea of being in America means if you work hard you can achieve anything simply no longer applies. What one now has to do is have not only education, but more importantly connections to be able to break into the big companies.

I think if they do break these companies up, or put a cap on earnings (or whatever they do) then the prosperous ones may not be as prosperous, but more people will have the opportunity to actually succeed.

I wonder if people will begin to see those large banks (sm) - Nikki

[ In Reply To ..]
unfavorably, cut up their credit cards, etc., and choose to do business with smaller banks or credit unions. That would certainly let the market decide on a tiny scale. I've dealt with my credit union only for many years now and am happy with them.

I agree the anti-monopoly laws are weak, and I believe our government should be strengthening those laws right now, before another bank fails and it begs for a bailout.

I also wonder how healthcare reform (if ever enacted and done right) is going to impact Wall Street. I believe the two are very much intermingled since healthcare represents such a large part of our economy.

This is a bear of a question, NJ, and I believe it should be addressed sooner, rather than later. I'd like to read thoughts from others, as well, because I admit I don't know as much as I should on the issue. Thanks for posting this.

P.S. NJ, please check your email. (nm) - Nikki

[ In Reply To ..]
:-)

Another P.S. (sm) - Nikki

[ In Reply To ..]
Here's an article that I found interesting and wanted to share regarding the banks.

http://www.webofdebt.com/articles/populist_retribution.php

I would not presume - lunarmod

[ In Reply To ..]
to have a clue as to how to remedy this situation, but I agree with you that something should be done. I believe the giant corporations are THE major block to true democracy in this nation. I imagine it will take years and years to untangle this massive mess. Hopefully Obama will at least begin to address the problem in his 2 terms. Many of us have witnessed the effect of a corporation (MQ) destroying the conditions that used to make transcription a fantastic profession.

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