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Blasting #BankLobbyistAct, Warren Unveils "The Ending Too Big to Jail Act" to Fight Wall Street Greed


#1

Blasting #BankLobbyistAct, Warren Unveils "The Ending Too Big to Jail Act" to Fight Wall Street Greed

Andrea Germanos, staff writer

With the Senate voting on a Wall Street deregulation bill as early as Wednesday evening, U.S. Senator Elizabeth Warren (D-Mass.) marked today's 10-year anniversary of the financial crisis by unveiling new legislation that—in contrast to the "Bank Lobbyist Act"—aims to curb the fraud and greed of large financial institutions.


#2

While the image in my mind of banksters being led out in handcuffs is most pleasing, I am as usual skeptical.
Any legislation of this kind will never see the light of day let alone get voted on. It is a stunt. If you are going to propose a bill that will never go anywhere why not make it as draconian as possible in order to make a point and get a little attention. How about breaking up the Wall Street banks to start. It just seems like Elizabeth Warren is always pulling her punches…at least it seems that way to me.


#3

This has no chance of passing now, but I’ll give Warren credit for rolling this out.


#4

Yes, let’s break up the big mobster banks just like Bernie has been saying for years!


#5

While Tangled golden flower thrived,
blossoming upon golarth glow and gleam,
with her own song vision, when will my life begin!
Tangled up in our vine upholding existence,
loved on her blossom divine.


#6

After ten plus years, ( actually Clinton and his congress unraveled Glass Steagall in the late nineties) - what took so long?


#7

Thank you, Elizabeth! Thank you for standing up to the criminal financial institutions that have already destroyed the economy once.


#8

You should’ve endorsed Bernie 2 years ago Liz.


#9

Looks to me like she’s running for the presidency.


#10

I just hope that both she and Bernie don’t run at the same time and split the vote which would cause an establishment Dem to easily win the primary.


#11

This is why I would like Elizabeth to be a presidential candidate in the next election. She is absolutely correct. The problem with our biggest banks is they can hire banking lobbyists that will swarm all over congress like cockroaches. They have lots of bribe money, and the Republicans and too many Democrats are too eager to take the bribe money to let the banking giants go without adequate regulation to keep them from collapsing the economy again. Bernie Frank has also been right on target about banks for years. The problem is banking GREED and too many legislators in congress all too willing to take bribe money to deregulate our worst white collar criminals.


#12

Back in 2012 journalist Michael Arria commented on Elizabeth Warren as follows:

“How can anyone truly work on reforming the economic system in our country without addressing the existence of a permanent-war economy? How can anyone tackle the issue of tax breaks without taking a look at the House Armed Services Committee and the Defense Subcommittee of the House Appropriations Committee defense bills?”

I am in complete agreement over the question he poses above re: Elizabeth Warren who recently voted in favor of a massive increase in the u.s. war budget via h.r. 2810.

60% of Democrats voted for this bill, which is an increase of 18% for defense spending.

How is it possible to separate the military industrial complex from the capitalist monster of the u.s. which includes the big banks Warren, “blasts” against?

The D party is an integral component of the u.s. oligarchy. IMO: The cognitive dissonance generated by progressives maintaining their adoration of Elizabeth Warren is puzzling at best, counterproductive at worst.

(unrealistic/surrealistic fantasy alert): if she were to reject the democratic party and her support of the u.s. war machine, make amends for playing a role in the rigging of the election in favor of HRC then we could have a healthier conversation.


#13

She’ll do well with those who support the Corporate Parties.

Unfortunately.


#14

How about a preemptive strike?

Enact a new glass Steagal!


#15

Domestic Financial Sector outstanding debt nearly tripled between 1996 and 2009. It went from $4.7 trillion to over $17 trillion. (Flow of Funds, FRB, Table D.3) That means banks borrowed cheap money massively, and then loaned it at higher rates to unsuspecting borrowers who were caught up in a housing bubble. Alan Greenspan and all the Fed officers were culpable in allowing the system to over-lend. They could have increased regulatory stringency on loans, they could have outlawed the ARMS, they could have raised interest rates and made housing more expensive not cheaper. Any bank officer who was involved made himself millions, and surely they all knew that the “music” would stop. NINJA loans and Home Equity Loans were most abused. Time for a new Glass Siegle.