If a bank is considered "too big to fail," maybe it's too big to exist. That's the reasoning behind new legislation sponsored by Sen. Bernie Sanders, I-Vermont, that would break up the 10 largest banks in the U.S.
Sanders says the reckless actions of big Wall Street financial institutions were largely responsible for the 2008 financial crisis. The government responded with a $700 billion bailout plan, arguing the banks could not be allowed to go under because it would devastate the economy.
The Sanders bill aims to eliminate that possibility by not allowing such large financial institutions to exist.
Sanders notes that the six largest U.S. financial institutions today have assets of over $9 trillion-- equal to about two-thirds of the nation's gross domestic product. They issue more than two-thirds of all credit cards, over half of all mortgages and hold more than 40 percent of all bank deposits in the U.S.
Monday, March 10 2014 3:27 PM EDT2014-03-10 19:27:21 GMT
A fire that left three families homeless in St Johnsbury Friday was caused by a candle.That's the word from fire investigators. They say the fire started in a bedroom with a candle placed close to a curtain.More >>
A fire that left three families homeless in St Johnsbury Friday was caused by a candle.More >>
Monday, March 10 2014 3:15 PM EDT2014-03-10 19:15:59 GMT
Police say she was one half of a daughter-dad theft team. And Harley Yandow was arrested again -- this time in Highgate.Troopers say Yandow was in a car stopped for a traffic violation Saturday when theyMore >>
Troopers say Yandow was in a car stopped for a traffic violation Saturday when they arrested her on an outstanding warrant from Arizona for car theft.More >>
Monday, March 10 2014 2:33 PM EDT2014-03-10 18:33:52 GMT
Green Mountain Coffee Roasters has a new name and logo.The Waterbury-based company announced Monday it has changed its name to Keurig Green Mountain, Inc. Shareholders approved the change at the Company'sMore >>
The Waterbury-based compnay announced Monday it has changed its company name to Keurig Green Mountain, Inc.More >>
Monday, March 10 2014 12:56 PM EDT2014-03-10 16:56:54 GMT
The spring issue of "4 Legs & a Tail" has hit news stands. Stories include getting your pet adjusted to a new baby, advice on keeping pets safe during golf season and Vermont's first Dog and Pony Show.More >>
The spring issue of "4 Legs & a Tail" has hit news stands. Editor Tim Hoehn visited the Morning Show to share a few of the cover stories that might interest pet lovers.More >>
Monday, March 10 2014 12:44 PM EDT2014-03-10 16:44:18 GMT
A Plattsburgh man is facing a slew of charges in connection with a car accident last fall.The crash happened October 24th on Mason Street in Schuyler Falls. Investigators say 31-year-old Brad Rovito wasMore >>
A Plattsburgh man is facing a slew of charges in connection with a car accident last fall.More >>
Monday, March 10 2014 12:24 PM EDT2014-03-10 16:24:42 GMT
Vermont police and policy-makers are gathering Monday to discuss the problem of drugged driving.Under current Vermont law it's easier to convict a driver accused of being drunk behind the wheel than stoned.More >>
For those under the influence of drugs, there is no simple standard or field test like the common blood-alcohol content measure.More >>