Break Up The Banks… ‘Not Going to Happen’ (with Nomi Prins)

According to the FDIC, in 2011, there were no new banks created in the US, making it the first year in decades the country has gone without the establishment of a single start-up lender, according to the Financial Times. We'll also show you a new video from Public Citizen, calling on Bank of America to break up. Nomi Prins, author of "Black Tuesday" discusses.

Moody’s Weighs Rating Cuts for Major Banks

By JULIA WERDIGIER
February 16, 2012, 6:21 am

Shannon Stapleton/ReutersMoody’s Investors Service indicated it could cut Morgan Stanley’s credit ratings by as much as three levels.

LONDON — Moody’s Investors Service has put Goldman Sachs, Morgan Stanley, Deutsche Bank, UBS and more than 100 other financial institutions on notice.
Citing increasingly challenging market conditions, the credit rating agency said it would review its grades for 114 banks based across Europe, as well as eight other financial institutions based elsewhere, including JPMorgan Chase, Bank of America and Nomura.
Moody’s indicated it could cut some credit ratings by as much as three levels as it weighed the risks to the banks’ investment banking models and large capital market exposures.

“The combination of changed operating conditions and increased regulatory requirements and restrictions has diminished these firms’ longer-term profitability and growth prospects,” Moody’s said in the statement, which was released on Wednesday after markets closed in New York.
In a separate statement from London, Moody’s said it was reviewing its ratings for banks based in European countries, including Italy, Spain and Britain. It cited the prolonged euro crisis, concerns about government debt and risks linked to large capital market businesses as reasons.

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The Financial Crisis Of 2008 Was Just A Warm Up Act For The Economic Horror Show That Is Coming

The people out there that believe that the U.S. economy is experiencing a permanent recovery and that very bright days are ahead for us should have their heads examined.  Unfortunately, what we are going through right now is simply just a period of "hopetimism" between two financial crashes.  Things may seem relatively stable right now, but it won't last long.  The truth is that the financial crisis of 2008 was just a warm up act for the economic horror show that is coming.  Nothing really got fixed after the crash of 2008.  We are living in the biggest debt bubble in the history of the world, and it has gotten even bigger since then.  The "too big to fail" banks are larger now than they have ever been.  Americans continue to run up credit card balances like there is no tomorrow.  Tens of thousands of manufacturing facilities and millions of jobs continue to leave the country.  We continue to consume far more than we produce and we continue to become poorer as a nation.  None of the problems that caused the crisis of 2008 have been solved and we are even weaker financially than we were back then.  So why in the world are so many people so optimistic about the economy right now?
Just take a look at the chart posted below.  It shows the growth of total debt in the United States.  During the financial crisis of 2008 there was a little "hiccup", but the truth is that not much deleveraging really took place at all.  And since the recession "ended", total credit market debt has gone on to even greater heights....

So what does this mean for the future?
Well, if a small "hiccup" in the debt bubble caused so much chaos back in 2008, what is going to happen when this debt bubble finally bursts?
That is something to think about.

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