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The majority of the biggest banks in this country passing the Federal Reserve's stress tests that -- -- says.
Bad news for the banks is not out of our Wayne is -- chairman Wayne Rogers and company joining us now from Pensacola Florida.
Wayne hasn't housing stabilize enough that these banks are in okay condition.
It's -- It's more fundamental than that.
You know they didn't have before the problem started when the when -- you know cancel the Glass-Steagall act and allow -- And you know everybody all the big banks to become bigger and bigger.
And as usual when you eliminate competition then you have a monopoly and that the banks behave any way they want to they became in personal I think the fact.
You mentioned earlier that Greg Smith this fellow from Goldman Sachs who came out of the closet you know instead.
Goldman is doing all of these things.
That's symptomatic of something else when that when those.
And if you will non bank banks became.
Corporations as opposed to partnerships.
They -- personal before if I was a partner I had personal liability -- that firm I wouldn't do certain things.
And it became I it was a relationship between me and the client in the client came first.
Same thing is true in commercial banking the banker and a small town and a community bank he knew the people in the -- they knew him.
It was a personal relationship -- you had things like Dodd-Frank -- come India with 2200.
Pages that nobody ever read.
All the regulated.
The banks -- but come under this pressure.
They didn't now cannot do things way they can help somebody get over I pick up in and a problem of something that's personal.
Cannot do -- need more.
They'll legislative out of -- it's a terrible thing the way of.
-- -- -- -- -- Some of these investment banks when they -- partnership still treated their customers like garbage Eddie -- the entertainer in the twenties famously sued Goldman Sachs.
For a hundred million dollars and -- Goldman jokes part of his act for years.
Because they ripped him off in -- investment partnership number one.
Number two -- but what does this -- with Dodd-Frank.
What does this mean with these stress test where they -- they tested 13% unemployment.
Didn't do you think though that these banks are in danger of like crumbling again because that seems at this point in the economy that that's impossible.
I don't think it's impossible because there but there -- it is long did you have too big to fail in other words as long as the government has an implied.
A back up that says oh we're not gonna let these things -- by the way you've got four banks in this country that control 54% of the banking assets.
That's a monopoly are they going to let that fail no they -- -- -- the first time if they had let them fail like General Motors that they have let it fail and the Bankruptcy Courts had worked it out in a proper away.
Then we wouldn't have this problem you wouldn't have the government interfering in everything.
But the government -- a necessity to bail everybody out because they think it's something that they have to do you got too big banks.
Dead are too big and they're too big to fail and you're gonna have that problem again going forward did you break a -- you've gotta break a -- Yup and bail them out once you don't keep Mallon and outlet Lance great to see if -- how much have a terrific way thank you --
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