In his "Orwellian" exchange with Elizabeth Warren, Steve Mnuchin said that the reason today we need some type of undefined Glass Steagall like reform of the banking system is because of "credit risks," whereas, the issue in the 1930s was "conflicts." Both are an issue. Our banking and financial system is bizarre and complicated. It need not be.
The Democrats' position on "banks" should be this:
Except it is totally anti DNC.
Let's see who on the forum opposes the above.
Connie Wrote: I believe we should jail the banksters and create publically owned banks like credit unions.
Yes, publicly owned banks are an option. Could do postal banks at federal level.
The only problem is the politicalization of lending, i.e. you don't want government deciding who gets loans based on favoritism.
The reason to use private contractors, i.e. private "banks," is they can make decisions faster and the profit motive should promote better customer service, which theory indicates.