The era of  too big to fail  might actually be coming to an end. Not because of legislators railing against it constantly, or because of economic experts educating us as to why it s a bad idea. We ve been having this for years now, and the problem has only grown worse.Now there is actually some muscle in the fight, and it s going to scare the hell out of the big banks that have enjoyed having their greed go unchallenged for decades. The Federal Reserve Bank of Minneapolis President, Neel Kashkari, has come out against the idea of  too big to fail  being allowed to continue and grow worse.A movement from within the Federal Reserve to break up big banks could actually work, due to how closely the Fed is intertwined with them. It isn’t like the’same old game of Democrats railing against the’system, and Republicans doing everything they can’to protect the banks  ability to abuse it. Kashkari made a strong comparison of reigning in the big banks to managing a nuclear reactor: The cost to society of letting a reactor melt down is astronomical. Given that cost, governments will do whatever they can’to stabilize the reactor before they lose control. Source: BloombergKashkari said that the Minneapolis Federal Reserve Bank will be collecting public and financial industry input, then formulating proposals to address the problems with our current banking system. All options are on the table from breaking up the big banks into  less connected, less important entities,  forcing banks to hold large amounts of capital instead of gambling it on wall street   which would make them virtually incapable of failing, and using tax methods to discourage banks from taking huge risks with regular people s money.It s worth noting that Kashkari is no left-wing democratic socialist. He is a Republican who was the’senior advisor to George W. Bush s treasury secretary and managed the $700 billion TARP bank bailout. Even he knows that the’status-quo is unsustainable, and if a problem happens again it will be even worse.With Republicans busy being apologists for American banking cartels, and doing everything they can’to make it legal for them to steal the nation away from its people, the response from Kashkari is exactly what we need. Banks can’t buy the Federal Reserve for a few tens of thousands in campaign donations, which will make it difficult for Republicans to resist.Watch Kashkari s full comments below:Featured image via video screen capture
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: The era of  too big to fail  might actually be coming to an end. Not because of legislators railing against it constantly, or because of economic experts educating us as to why it s a bad idea. We ve been having this for years now, and the problem has only grown worse.Now there is actually some muscle in the fight, and it s going to scare the hell out of the big banks that have enjoyed having their greed go unchallenged for decades. The Federal Reserve Bank of Minneapolis President, Neel Kashkari, has come out against the idea of  too big to fail  being allowed to continue and grow worse.A movement from within the Federal Reserve to break up big banks could actually work, due to how closely the Fed is intertwined with them. It isn’t like the’same old game of Democrats railing against the’system, and Republicans doing everything they can’to protect the banks  ability to abuse it. Kashkari made a strong comparison of reigning in the big banks to managing a nuclear reactor: The cost to society of letting a reactor melt down is astronomical. Given that cost, governments will do whatever they can’to stabilize the reactor before they lose control. Source: BloombergKashkari said that the Minneapolis Federal Reserve Bank will be collecting public and financial industry input, then formulating proposals to address the problems with our current banking system. All options are on the table from breaking up the big banks into  less connected, less important entities,  forcing banks to hold large amounts of capital instead of gambling it on wall street   which would make them virtually incapable of failing, and using tax methods to discourage banks from taking huge risks with regular people s money.It s worth noting that Kashkari is no left-wing democratic socialist. He is a Republican who was the’senior advisor to George W. Bush s treasury secretary and managed the $700 billion TARP bank bailout. Even he knows that the’status-quo is unsustainable, and if a problem happens again it will be even worse.With Republicans busy being apologists for American banking cartels, and doing everything they can’to make it legal for them to steal the nation away from its people, the response from Kashkari is exactly what we need. Banks can’t buy the Federal Reserve for a few tens of thousands in campaign donations, which will make it difficult for Republicans to resist.Watch Kashkari s full comments below:Featured image via video screen capture