Skip to comments.Bust Up the Banks; ‘Banking Should Be Boring,’ Says Elizabeth Warren
Posted on 07/13/2013 1:34:07 PM PDT by Olog-hai
Sen. Elizabeth Warren (D-Mass.), alarmed that big banks are getting bigger, says she has a plan to bust them apart.
To prevent another financial crisis, Warren wants to revive portions of the Banking Act of 1933, dubbed Glass-Steagall, a law passed after the Great Depression to separate commercial banking from investment banking. Banking should be boring, she told MSNBCs Morning Joe on Friday.
Warren said her effort to pass a 21st century Glass-Steagall Act has the support of Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash), and Angus King (I-Maine).
Why didnt the separation of commercial and investment banking happen in the Dodd-Frank Wall Street Reform and Consumer Protection Act? Warren was asked. The senator hinted at incrementalism: Remember, when we adopted Dodd-Frank in 2010, there were a whole lot of moving parts. And there were people who said, Lookwere putting a lot of new restrictions in place on the financial institutions: lets get started; lets get these underway.
(Excerpt) Read more at cnsnews.com ...
Thank you, Obi Warren Kenobi. You are our only hope.
Why did I know that our boy, little Johnny McCain would be siding with Princess High Cheekbones, the white “woman of color”? The boy just can’t help himself. He’s “reached across the aisle” to the communists so many times that his right arm is 25 feet long.
....because whenever the government gets involved, everyone benefits! [eyeroll]
one thing missing from all this legislation and regulation, moral fiber. Without a society with a conscience, laws are meaningless.
What do the Indians think?
Most of the big banks are run by Obama supporting socialists.
Plus he’s trying to make us forget he was one of the Keating Five.
The White Cherokee should just cut to the chase and propose legislation that the government takes over all the banks.
If there should ever be a witch that should be burned at the stake........................................just give me popcorn and a front row seat
And *you* should have had your syphilis treated in a timely fashion so it wouldn't affect your brain,you phony Indian ,affirmative action whore!
I agree with Warren, but for entirely different reasons. The banks have become “too big to fail.” This is wrong. Banks are private institutions and should not have governments stepping in to bail them out. Usually when governments bail out the private sector, there are strings attached (look at General Motors). What I don’t like about the banks is that they have become casinos that use depositor’s money to gamble on highly risky projects. If they bet wrong, then the government steps in. The depositors lose their money and the managers walk away. (Look at Cyprus).
When I mention “banks,” I also mean investment banks. In earlier times, the investment banks were owned by the partners. They had skin in the game. When the investment banks went public, the partners got rich and just started gambling away with the investor’s money.
And don’t get me started on derivatives...
I agree with you 100%
From: Urban dictionary:
When some obviously Caucasian woman or girl proclaims some portion of her ancestry as being native American, without proof, and continues to claim such ancestry when her narrative crumbles, and evidence arises that not only is she not what she claimed, but her direct ancestors may have participated in any number of historical actions working against the interests of real American Indians. Further complicated by her ascribing and reporting on federal government forms such minority status, even though there are criminal penalties associated with purposefully misrepresenting such status.
Made even worse when her employers make use of that status to highlight their diversity bonafides, quite possibly denying real American Indian descended but fully qualified applicants from real positions.
After evidence that her family participated in the trail of tears, the candidate for the Senate from Mass. was exposed as a lieawatha. Sadly she did not do the honorable thing and resign from the campaign, or her position at a formerly prestigious east coast school.
The original Glass-Stegal should be restored.
“In earlier times, the investment banks were owned by the partners. They had skin in the game. When the investment banks went public, the partners got rich and just started gambling away with the investors money.”
That’s exactly right. They gambled their money and nobody else’s. If it went good, hooray, if it went south THEY suffered. Today, there’s no risk. It’s like sending me to the craps table with your bankroll. If I win, hooray, if I lose, you’re screwed not me.
CB, you are absolutely right. The TBTF banks should be broken up until they aren’t TBTF. Running a TBTF bank is a license to steal.
Bust up the educational institutions
Back when repeal of Glass-Steagall was being debated, William Safire understood the problem. "Don't Bank on It" (New York Times, Apr 16, 1998), "Running Huge Risks" (New York Times, Nov 1, 1999)
In 2016 the Republicans should nominate a presidential candidate who will run against crony capitalism. Not a candidate the media can fit right in to the Democrats' narrative of Republicans as robber barons.