DECLARE A BANKING HOLIDAY?

2. The crisis demonstrated that real reform can only be undertaken in the depths of a crisis. Once Wall Street had been rescued behind closed doors by the US Fed and Treasury (it took $29 trillion!), there was no hope of reform. The biggest institutions just got bigger. They are back to doing the same things they were doing in 2007. Even the very weak Dodd-Frank reforms will never be implemented—Wall Street put together armies to delay, water-down, and eventually prevent implementation of any changes that would constrain the financial practices that caused the crisis. Franklin Roosevelt did it the right way in the 1930s: declare a banking “holiday”, demand resignations from all top management, and refuse to allow banks to open until they had a plan that would lead to solvency. Almost all the New Deal financial sector reforms were enacted in the heat of the crisis. The important lesson that should have been learned: in the next crisis, we cannot let the Fed and Treasury meet behind closed doors to rescue the “vampire squids” that are destroying the economy. We must drive the stake through their hearts when they are weakest. - http://www.economonitor.com/lrwray/2013/09/18/five-years-after-lehmans-did-we-learn-anything/

[SIDEBAR:  AMERICA HAS A PROBLEM AND ITS' THE FEDERAL RESERVE SYSTEM (Fed) THAT WHICH CAN'T BE TALKED ABOUT AS THE GREATEST CRIMINAL FRAUD ON AMERICA SINCE ITS' HOSTILE OCCUPATION OF THE USA.  BUT, IT ISN'T SPOKE OF OR ABOUT BECAUSE IT IS IT.  IT IS THE ALL POWERFUL CREDIT THAT PAYS ALL THE SMALL ITS TO BE THE BIG ITS' STUPID LITTLE SHITS.  DUMB ARE THE THOSE-THEY-THEM-THE ITS THAT DO WHAT THE Fed DICTATES FOR THE SUM DUMB VALUE OF DIGITAL DUST, CUM ONE AND ALL TO THE DEPOSITORY OF NO MORE POWER CHI ALL GONE.  MONEY FRAUD.  SMALL ITS ARE BIG DUMB SHITS FOR THE GREAT IT Fed SLOBS-BLOB.]

http://www.gregpalast.com//vulturespicnic/pages/filecabinet/chapter12/Geithner_Summers%20Memo.pdf

2. The crisis demonstrated that real reform can only be undertaken in the depths of a crisis. Once Wall Street had been rescued behind closed doors by the US Fed and Treasury (it took $29 trillion!), there was no hope of reform. The biggest institutions just got bigger. They are back to doing the same things they were doing in 2007. Even the very weak Dodd-Frank reforms will never be implemented—Wall Street put together armies to delay, water-down, and eventually prevent implementation of any changes that would constrain the financial practices that caused the crisis. Franklin Roosevelt did it the right way in the 1930s: declare a banking “holiday”, demand resignations from all top management, and refuse to allow banks to open until they had a plan that would lead to solvency. Almost all the New Deal financial sector reforms were enacted in the heat of the crisis. The important lesson that should have been learned: in the next crisis, we cannot let the Fed and Treasury meet behind closed doors to rescue the “vampire squids” that are destroying the economy. We must drive the stake through their hearts when they are weakest. - See more at: http://www.economonitor.com/lrwray/2013/09/18/five-years-after-lehmans-did-we-learn-anything/#sthash.WibJa4iO.dpuf