Naturally the free-loading SOBs would much prefer having free handouts. What poor excuses for capitalists. As long as this ridiculous nonsense is tolerated and encouraged by the political class, it should be expected.
The American Bankers Association said on Friday it opposes requiring financial institutions to build up their reserves when the economy is going strong so that they can better handle eventual downturns.Yes, because bailing out an entire industry that only has less than ten profitable banks in the country is easy. Is it asking too much for Washington to tell the bankers to go Cheney themselves?
The proposal for a "counter-cyclical buffer," being considered this week by banking regulators from 27 countries, duplicates existing regulatory powers, the ABA said.
The proposal would be difficult to implement, could lead to unintended consequences, and could "impose significant and unwarranted increases in the cost and permanent constraints on the supply of credit that would be a detriment to the broader economy," the group said.
