February 10, 2012
I’m writing in support of a strong Volcker Rule. My family and I were affected by the economic collapse of 2008, and we don’t want it to happen again.
Why did you get rid of it in the first place, knowing full well the history that led up to the Great Depression?
As predicted, the same economic crisis happened all over again, only this time it would have been much worse if the Fed did not bail all the Banksters out with TRILLIONS of dollars!
Yet that was exactly what Hoover tried to do, which only postponed the enevitable depression, which was corrected through REGULATION!
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the american people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
-Thomas Jefferson-
As you prepare the final rule, bear in mind the fundamental goal of the rule – to ban big banks from exposing consumers and taxpayers to risky proprietary trades.
Banks that break the rule should face swift, automatic penalties for violations. Violations of the Volcker Rule endanger the stability of our financial system. They should not be treated lightly.
Exemptions should only be allowed if they do not undermine this goal. If an exemption would result in exposing consumers and taxpayers to bank risk, it should be rejected.
Thank you for considering my comment,
Todd Johnston
Oxford, MI