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James Traficant: “10 years ago the 10 biggest banks in the world were American banks. Today the 10 biggest banks in the world are Japanese…”

On the recordMarch 29, 1996
10 years ago the 10 biggest banks in the world were American banks. Today the 10 biggest banks in the world are Japanese banks, all 10. Even after the merger of America's 2 biggest banks, they did not even make the top 10. Wake up, Congress. Japanese banks did not get fat on the yen. Japanese banks got fat pigging out on American dollars. The trade deficit just came out last month. It skyrocketed 48 percent, a 48-percent increase in 1 month, over $10.3 billion. Japan takes, America gives; Japan protects, America counsels; Japan regulates, America negotiates. Let us tell it like it is. If America's trade program was so good, why does Japan not try it? We are getting our clock cleaned, and we are not even talking about it. Think about that.
Said by
James Traficant
Ohio
Source
govinfo.gov

Editor's note · Context

Discussing the shift in global banking power and the U.S. trade deficit.

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