Skip to comments.Warren: I'm Joining with the Progressive Change Campaign Committee
Posted on 05/14/2012 6:50:03 PM PDT by pabianice
We've seen all the headlines: JP Morgan Chase took risky bets and lost two billion dollars in a matter of weeks.
CEO Jamie Dimon called the bets "poorly reviewed" and even "sloppy." He added, "We will learn from it, we will fix it, and we will move on."
Frankly, I don't think we should just trust Wall Street banks to regulate themselves. Because as we learned during the 2008 financial crisis, they are not just taking risks with their own money -- they are taking risks with the whole economy.
That's why today, with the Progressive Change Campaign Committee, I'm calling on Congress to put Wall Street reform back on the agenda and to begin by passing a new Glass-Steagall Act. This was the law that stopped investment banks from gambling away people's life savings for decades -- until Wall Street successfully lobbied to have it repealed in 1999.
Will you join us in calling on Congress to hold Wall Street accountable and pass a new Glass-Steagall Act? Click here to stand with us!
A new Glass-Steagall would separate high-risk investment banks from more traditional banking. It would allow Wall Street to take risks, but not by dipping into the life savings and retirement accounts of regular people.
And by making banks smaller, a new Glass-Steagall could also help put an end to banks that are "too big to fail" -- further avoiding costly taxpayer bailouts.
Wall Street's risky bets nearly brought the economy to its knees in 2008. But instead of taking responsibility, Wall Street lobbied to water down the Dodd-Frank financial reforms of 2010 and fought to weaken the reforms Congress passed.
It has become clear over time -- and made even clearer this past week -- that additional Wall Street reforms are needed.
Please join us in urging Congress to put Wall Street reform back on the table -- and pass a new Glass-Steagall Act today.
If I'm elected to the U.S. Senate from Massachusetts, I promise this difference from my Republican opponent Scott Brown: I will be a reliable and strong champion for commonsense Wall Street reform. But we don't have a moment to waste.
Together, we must urge Congress to act now.
* This figure does not include revenues from unnamed Indian casinos, where she is known as 'Dances With Whoppers.'
JP Morgan lost two billion dollars.
It was on a 100 billion dollars roll.
It’s a 2% loss, get over it.
Bring back Glass-Steagall
Isn’t Warren that “Cherokee Princess” with the low cheekbones that causes her @$$ to sag?
Perhaps the Princess Ohsodumb was collaborating with Marsha?
The solution to this problem is actually very simple. Let the banks fail if they make a bad bet. Secondly only give FDIC insurance to cover the accounts of members that hold checking or savings accounts.
Lay your money down and take your bet on riches or poverty. Do not ask me as the taxpayer to cover your bad bet.