Bank of America helped destroy American economy?Bank of America deregulated helped destroy economy |
You might mean the Federal Bank, not the bank of America which is just a private bank. Ron Paul has suggested it before you for a long time. But American citizens have already made a decision that he was wrong. If you are talking the bank of America, you should include Citi group, AIG etc into your equation for fairness.
It certainly did, but so did the other major banks: Citicorp, JP Morgan Chase, Goldman Sachs, etc.
http://www.ritholtz.com/blog/2013/07/two...
http://inversesquare.wordpress.com/2010/...
http://rortybomb.wordpress.com/2010/12/0...
http://delong.typepad.com/sdj/2011/12/americas-financial-leviathan-project-syndicate.html
http://www.interfluidity.com/v2/2669.html
http://oecdinsights.org/2012/08/29/is-the-financial-sector-worth-what-we-pay-it/
http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy
http://krugman.blogs.nytimes.com/2013/06/12/unproductive-finance
http://www.ritholtz.com/blog/2013/07/hfts-unfair-trading-advantage-front-running/
etc.
Another answer suggested you meant to ask about the Federal Reserve as opposed to the Bank of America. The Federal Reserve is the central bank for the U.S. while the Bank of America is the second largest private bank in the U.S.
But the Federal Reserve did not help destroy the American economy, though its previous chairman, Alan Greenspan, did side with the private banks to get Congress to deregulate the financial sector, so you can blame him if you want (I do.)
But you can also argue that it is in the nature of banks and other financial institutions to be greedy and to go out on limbs, which is why I primarily blame Congress for not regulating them, rather than blaming the banks for their essential nature. (You don't blame the tiger for eating the kid that got into its cage; you blame whoever let the kid get in.)
I also blame Congress and the Executive for not prosecuting the big banks and the executives who clearly violated the law (above and beyond their reckless policies)
http://baselinescenario.com/2013/03/07/some-of-these-institutions-have-become-too-large/