In a move policy analysts and progressives warned could drastically increase the chances of another financial collapse, two Democratic regulators appointed by Senate Minority Leader Chuck Schumer (D-N.Y.) joined their GOP colleagues in pushing the Federal Reserve to weaken safeguards that limit Wall Street's dangerous gambling.
If I lived by the Bankers’ rules, I would have to crawl out from under “my” bridge to catch a WiFi signal to submit this. Oh wait, I wouldn’t be able to pay my phone bill now would I? If I were a Banker I would be posting this from my penthouse.
Greed knows no memory.
I just hope the voters of New York state have good memories when Schumer comes up for reelection.
“Taxpayer bailout”, we pay the bill, we are owned. Modern slavery, ain’t it grand?
Hmmm… I thought they were at their limit of Greed and Corruption now! There’s more deregulation still there for them to feast on? Wow.
The too-big-to-fail banks (TBTFB)controlled 25% of US bank assets when they crashed the economy in 2008 and US taxpayers were put on the hook for $20 trillion plus to fund various bail out schemes that became additional profit centers for the TBTB.
By the time Trump took office the TBTFB controlled 50% of US bank assets with no end in sight to that growing cancer. The next crash will put taxpayers on the hook for many more bailout trillions PLUS Dodd-Frank legalized bail-in whereby the TBTFB will confiscate depositors’ money to bail themselves out.
I’ll take the liberty to repost this from the thread about WaPo’s fact-free fact checker:
My modest proposal was to give all that money to those borrowers whose mortgages were under water. The lenders would have gotten the money back eventually, but without the consequent foreclosures, bankruptcies, broken families, broken neighborhoods and suicides.
How this would have been any more “socialist” than what was actually done escapes me—except that the beneficiaries in the former case would have been of the 99%, and in the latter, of the parasitic 1%. If socialism is so bad, why do they keep it to themselves instead of making us suffer along with them? (He asked rhetorically)
Blockchain technology continues to wrestle through tests. The more it is critiqued and challenged, the deeper the model goes in eliminating the “middleman” to free human beings to economize without predatory “banks”. In the mean time there is the Public Banking movement.
Bill Black on how the system is designed:
Schumer is the poster boy for why the Dims are as much of an enemy of the people as the Republicans. Money (and thus power) is their God and what is right be damned.
You, as well as everyone else, needs to expect that greed and corruption will be the things that outlast/outlive the universe!
With Help of Democrats …
It’s time we stopped calling them Republicans and Democrats (or even Corporate Democrats or Clinton Democrats or Neoliberal Democrats) and start calling all those polititians “Corporatists” - they all belong to one Party (the Money Party).
Heard a few of them floating the idea of negative interest rates too.
Always imagined they would want to get rid of paper currency before rolling that one out, but it seems they may be going ahead anyway.
With the current state of the voting process i am not sure that even matters anymore.
Yes. It takes a leap of faith to cast a vote.
This story headlines blame for the dems. We have heard so much about our feisty democratic new comers. Why don’t we hear from them on these proposals? Anyone in the fight?
I think maybe the French had a good idea with those guillotines! Chop off a head or two, the other greedy suckers might start to rethink their positions!
Frankly, I do not get why banks would want to lose credit , money and clients. I must be missing something. Notice that the small town banks have not been involved in this risky behavior. What is next? Buy a home with no money?
They got bought out.