The Crazy Idea Of Living Wills For Large U.S. Banks

Posted: 8/10/2014

Trigger

This week the wall street journal reported twice about the so called living wills large U.S. based banks are mandated to write and submit to Big Government.

Here are the two articles:

“U.S. Tells Big Banks to Rewrite 'Living Will' Bankruptcy Plans/Fed, FDIC Say Plans Provide 'No Credible Path' Through Bankruptcy; Raise Specter of Tougher Rules, Even Break-up”

‘’Banks' Failure on 'Living Wills' Frays Relations With Regulators”

For sake of time and brevity I will not get lost in details here!

Dodd-Frank’s Unconstitutional Insanities

The Dodd-Frank monster act is a living proof how inept and statist our politicians are! The Founders are in shock again!

Just to have this absurd idea to mandate large companies to annually submit a report how they will go out of business is beyond belief. It is a waste of money and effort!

This is another attempt by the U.S. Big Government to control and micromanage U.S. based businesses.

Do you wonder why U.S. companies seek headquarters outside the U.S.? Or why an increasing number of U.S. expats give up their U.S. citizenship? These are warning signs of the times like the canary in the coal mine!

Over The Decades FDIC Was Turned Into Powerful Agency

It appears over the decades since 1933, the FDIC was given more and more power to control and supervise banks in the U.S.

One should point out, it was already a huge Big Government mistake to implement a government run deposit insurance in 1933! An Unconstitutional act! And back then, Big Government implemented in the same act other socialist measures like the prohibition banks from paying interest on checking accounts etc.

No Wonder The Great Recession Continues!

Like President Franklin D. Roosevelt and his contemporary politicians messed up and prolonged needlessly the Great Depression, our current president and politicians did not learn the lesson!