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On 10th Anniversary of Wall Street Crash, Warren Says: Break Up the Banks and Jail the Bankers


#41

The OBAMA Admin PTB knew they could save the bank-swindled people which would also save the banks, but deliberately decided to help the banks and sink the little people … why is that?? What IS the Agenda???


#42

GDP numbers… Nothing to brag about, except for the 1%


#43

Unemployment numbers… Bullshitized as the employed enjoy lesser money standards and lifestyle, and ignore number of people no longer eligible for unemployment who are still unemployed, and ignore that full-time work often cannot sustain basic living expenses which are rising exponentially


#44

Bonuses? Who got one that was even worth anything? Name them, please…A few tokens maybe? But the 1% gets all the bonuses.


#45

Lack of rockets flying, yeah, the military is flush with cash, sounds like the fall of the Roman Empire. Rockets flying over Syria and Yemen though! Coup d’état (another one, same old same old) about to happen in a certain Latin American country with Uncle Sam’s generous help.


#46

New trade deals, yay! Our prices get higher! The corporations are the usual bandits.


#47

Sanctions against the competition … Crushing anyone in the empire’s path who is not cooperating with Assholes … Hurting average people only, how heartwarming.


#48

Ssssoooo…can you say…French Revolution???.once people have nothing to loose…well…


#49

Just wants a free phone healthcare education without working for it: No, just wants these not privatized for private profit at our greater expense and detriment while our Lords, so they think they are, laugh all the way to their banksters. You are an ostrich with your head in the sand, because you think you enjoy your sociopathy.


#50

The French Revolution, like ours, was a total failure. This time, for once, the people need to shun violence, to be on the side of what is right, and just act responsibly to make what government does in their name GOOD.


#51

Indeed. I remember Obama singing a similar song before getting elected.


#52

Sen. Elizabeth Warren wants to break up the banks. A good idea. Although a few cautions: hundreds of small banks failing for the same reason isn’t much different from one big bank failing for the same reason. (- Yeah, there’s the solution: public banking…) Also, the costs of regulation are a heavy cost on small banks. That is one reason so many small banks have merged into larger banks. If they couldn’t merge the amount of banking would go down; it would be harder to get a loan. Not necessarily a bad thing: We need a bit more of a self-financing economy, instead of one that depends so much on banks.

Sen. Warren wants to jail the ‘banksters’, the top CEOs of big failing banks who are presumed to have committed a crime to cause their bank to fail. We might consider whether this amounts to a law of passion and a bill of attainder instead of a law of reason. Consider these additional points.

  1. You want it to go after Richard Fuld (Lehman Bros.) and Ken Lewis (Bank of America). Will it go after people who had been forced out of Wall Street months earlier? Such as Angelo Mozilo (Countrywide Mortgage), Stan O’Neal (Merrill-Lynch), or Charles Prince (Citigroup).
  2. Will it go after people outside of banking who caused the crisis? Mostly people in politics who refused to see the coming problem and wanted “to throw the dice some more” (Rep. Barney Frank’s words), who did not want to fix the regulation. Rep. Frank and Sen. Dodd got their name on the reform bill, but both were out of Congress by the next election because of the cloud over their heads of participating in making the crisis happen. I am sure that others on this forum can suggest more politicians who deserve jailing for their role in causing the crisis.
  3. Will the “hang them high” popular sentiment unjustly punish people who didn’t deserve it? At the time I heard a lot of bad words directed at Jamie Dimon and Lloyd Blankfein. But they hadn’t endangered their banks. Their banks survived the crisis.

Sen. Warren wants to reinstate all of Glass-Steagal. Hmm… Okay. I am old enough to remember when bank regulation was much stronger than today. For example, in the early 1970s banks were limited in how much interest they could pay on deposits. So they would offer a toaster if you would come and open an account with them. That failed when stock-brokers started offering a product similar to bank deposits and people started putting their money there instead of at banks. I presume that regulations were even stronger a decade or more earlier than that!
– We already have a situation where non-bank financing is larger than banks, and worries about what if the non-banks cause the next financial crisis, and some are calling for regulation of that.

It is inevitable in an economy that situations will arise when some businesses (like Webvan or Pets.com) fail and have to be cleaned up. The same can happen with banks. In Silicon Valley they celebrate failure. That is how they learn to do it better the second time.
– In the economy envisioned here, what does ‘failure’ look like?


#53

We are too complacent. Just look back at all of the people who complained about illegal entry from our southern border. Many people, and some of the crowd mentioned, were hiring this cheap labor for decades. Against the law. Almost no one got arrested for this crime and so it continues even today. This is just one example of the lawlessness being allowed to flourish in this country. Trump and his swamp of guilty cohorts just makes things all the worse.
Do we have to chop off the hands of cheats and frauds to get justice and to provide deterrence? You would think so since our laws don’t seem to stop them.
Actually greed is so attractive to some people, I can envision them cheating with their feet while the stumps that used to be hands are still healing. G


#54

Don’t worry,be happy he’s got 6 more years to make it even better!


#55

Oh Really?


#56

Two years ago, Obama famously ridiculed Trump’s campaign promise of faster growth and a comeback in manufacturing jobs by saying this could only happen if Trump was waving “a magic wand.” Obama’s first chief economist, Larry Summers, proclaimed to the world that 2 percent was the best we could hope for. Other liberal economists were so disdainful of Trump’s tax cuts, deregulation and energy development that they predicted Trump would crash the world economy and the stock market.


#57

Does everything need a cutesy acronym? I realize that American voters are idiots but we just might respond to law that actually accomplishes something even if the first letters don’t spell out JESUSFREEDOMGASM or whatever.


#58

I was thinking at the “Bank Failure Unavailable Act” might be appropriate.
That is the “Bank FU Act”.
Then it would be guaranteed to pass.

And at least it is honest, unlike the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” (USA PATRIOT) Act which did exactly the opposite of its acronym.


#59

If crime pays, it continues. Billion dollar fines for Wells Far-gone is just part of their overhead at this point. The private Fed Reserve causes bankruptcy/crisis secondarily to the moral decay/rot that created it in the first place and continues it into the present. Yes, good question above - who should be punished/jailed because the rot is so systemic? What I think is needed is a commission of non-sold-out banking industry experts who would study our whole situation and help create as non-traumatic path out of this madness as possible. Not going to happen as long as we keep voting crooks into office. Gopherit


#60

No matter what you think of her, JAIL THE BANKERS!

IF … we can do THAT, then we have a chance here in the U.S.