Bi-partisan group of Senators proposes legislation to BREAK UP THE BIG BANKS!

Finally!

Its about time; This should have been the very first thing on the agenda in the aftermath of the financial collapse. I guess we should just be grateful they are finally getting around to this and maybe, if this passes, it may be able to prevent the next, major financial catastrophe the experts have been predicting.

Senators float plan to break up big banks

A bipartisan quartet of senators are seeking to break up the nation's biggest banks through legislation that would rebuild a firewall between commercial and investment banking.

Sens. Elizabeth Warren (D-Mass.), Maria Cantwell (D-Wash.), John McCain (R-Ariz.) and Angus King (I-Maine) unveiled legislation Thursday that would largely reimpose the Glass-Steagall Act, calling it a necessary protection for taxpayers and a way to prevent financial institutions from becoming "too big to fail."

"Despite the progress we've made since 2008, the biggest banks continue to threaten the economy," Warren said. "The four biggest banks are now 30 percent larger than they were just five years ago, and they have continued to engage in dangerous, high-risk practices that could once again put our economy at risk.

"The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families."

The Hill

Allowing the banks to further consolidate and grow in the aftermath of the financial collapse of 2008 was a huge mistake. It only increased the odds that they would continue to behave recklessly and that we would end up bailing them out, at taxpayer expense again, for their continued reckless behavior.

Breaking up the banks will give us the ability to let them fail when they mismanage their affairs, just as any other business would, instead of forcing the taxpayers to subsidize their recklessness and insure they would continue to do the same things in the future, probably requiring further bailouts over time.

Its just a small group of senators right now but hopefully this bill gains steam and the public gets behind it. This is the bill that should have passed 5 years ago in the immediate aftermath of the financial boondoggle.

Lets hope they manage to push this through and finally reign in those big banks that are too big to fail and too big to jail when they screw us all over and destroy society as we know it, all the while making big bucks for their stockholders and paying enormous bonuses to the clowns who caused the whole mess.

I will believe it if it ever gets signed into law! 30% larger since 2008..hummm...I wish my bank account (investment savings) was 30% larger....I would even take 10% and be happy!

This is the sensible step to take that should have been done right after the collapse in 2008.

It wasn't.

Then it should have been motioned again in the wake of the Libor scandal.

It wasn't.

Then it should have been done in the wake of the latest financial scandal involving interest rate swaps.

It hasn't...yet.

This latest round of financial shennanigans, again by the worlds biggest bunch of bankers, may be the straw that broke the camels back and has brought this motion to break them up.

I really hope they succeed, but with the bankers in control of the entire monetary system, i won't hold my breath.

reply to post by FortAnthem


What the? John McCain is on board with this? I'm so confused.

Not to be a Debbie downer but I don't see this passing, or even if it did pass I don't see it being enforced because the all powerful Banksters are running the show & will never let the peons thwart them of their power.

"It's a Big Club and you ain't in it! You and I are not in the Big Club" - George Carlin

4 senators out of 100 is far from a majority.

They even allude to it in the article that some are not 100% commited to this as McCain put this off due to his political campaigning.

McCain voted to approve the repeal legislation when it came out of the Senate, but did not vote on the final conference report, as he was campaigning for the 2000 GOP nomination.

Which seems to indicate to me that he at least places a greater emphasis on his political career rather then the success of this bill. I hope I am wrong in this inference, but this is what seems apparent.

As a matter of fact this may go for the rest of the senate. It just takes a few lobbyists to pressure politicians either financially or politically to ensure this bill never sees ratification.

Originally posted by Swills
reply to post by FortAnthem

 

What the? John McCain is on board with this? I'm so confused.

Not to be a Debbie downer but I don't see this passing, or even if it did pass I don't see it being enforced because the all powerful Banksters are running the show & will never let the peons thwart them of their power.

"It's a Big Club and you ain't in it! You and I are not in the Big Club" - George Carlin

My thoughts exactly Swills.

The integrity of the group that is suppose to be the foundation for this bill already seems a bit unstable in my opinion.

I predict four freaky fatal accidents in the future ...

Originally posted by Swills
reply to post by FortAnthem

 

What the? John McCain is on board with this? I'm so confused.

Yeah, I know; any time McCain attaches his name to a piece of legislation, I expect it to be a turd.

I guess he can't be wrong 100% of the time. Even if his support is only lukewarm, its good that this legislation gets out there where it can maybe get some more real support.

I keep hearing right-wing talk show hosts blasting Glass-Seagall so I don't know how much support this will get from the right but, we can always hope.

You know what they say about things sounding too good to be true, yes?.

I don't think just reinstatement of Glass-Steagall isn't quite enough anymore, the banks have had years to devise a way around it while they have been free of the legislation since when, the Clinton administration when it was struck down?.

If this actually goes through, it really shouldn't stop with just the banks, it should keep going on to take care of the mega-corporations and other monsters too.

The banks and corporations have their tentacles so deep into everything that there is likely to be a backlash, things may get kinda ugly for awhile, and some people will probably say be careful what you wish for, we told ya so.....

I will be watching this, as it is nothing but a proposal still, it would be nice, but anything worth having doesn't come easy.

I mean, when you have near complete control of nearly everyone's life and wealth, how would you react?, what would one figure the banks/insurance companies/corporations might do since they are wrapped around everything?, everyone supposedly needs insurance and medical care, food supplies may be interrupted for a time, anything could happen....

Maybe some of those EO's so many conspiracy theorists blabber about are to remedy the aftermath of the mess the banks and corporations leave behind when they are put back into their rightful place.

Throw the corporations and banks out on their asses, we did it before, we need to do it again.

I hope this proposal comes to fruition.

reply to post by FortAnthem
While this is a wonderful idea that I can definitely get on board with the legislation will unfortunately never pass. Too many Senators are in the Big Bank's pocket and have no intentions of ever climbing out- their greed is too strong! If that weren't the case the Fed never would have bailed the Big Banks out to start with.

People Now is the time to start writing your reps.

Call them out on this, WHY has this not been done, why have they not thrown their support behind it.

IT should be a no brainier, the removal of this act led to the collapse, reinstating it should be the simplest of concepts for our elected officials to grasp.

This legislation is just the first step toward holding those responsible for the collapse accountable, its just to bad the ones that caused it also profited so much that lobbying to buy off the entire congress would be a small feet for them.

Its why we have to all write our Reps, to let them know that this issue could cause enough of us to vote them out.

ETA

Stop fracking saying it wont pass and get off your collective asses and start emailing your reps.

how to find your senator

Took me a few minutes to bang this out to my senators, please do the same.

Dear Senator,
As one of your constituents I am writing to implore you to Support The 21st Century Glass-Steagall Act brought fourth by Senators. Elizabeth Warren (D-Mass.), Maria Cantwell (D-Wash.), John McCain (R-Ariz.) and Angus King (I-Maine).

The act repealed by the Clinton administration allowed for the economic collapse, reinstatement of this act would be the first step in holding accountable the Banking Industry.

Your support or Lack there of to this act WILL BE A DETERMINING factor in my continued support in the Coming 2014 nov 4 senate run. Thank you for your time.

I think it's too late. This is how i imagine it going down.

Bankers offer 1 billion each. Done. They got trillions more where that came from.

Too big to fail, already.

Originally posted by Mugen
I think it's too late. This is how i imagine it going down.

Bankers offer 1 billion each. Done. They got trillions more where that came from.

Too big to fail, already.

Elizabeth Warren was voted in, in Part because of her mandate to hold the banks accountable.

She has been trying, what needs to happen is more senators need to be "Voted" out that support banks, we need to show them that its an issue the people care about.

The fact the Elizabeth Warren holds office is proof the system can work if enough PEOPLE get behind a senator to outweigh the political lobby of the banks.

Lobbying gets them after their elected, people need to be aware enough to stop voting for people who primary campaign resources come from the banks.

ETA

Ive also now left the same message on their voicemails, I have printed out copys of the letter to hand sign, which now are in envelopes I will stamp and mail out when I go run some errands.

TOTAL elapsed time = 10-15 minutes, TOTAL effort= me sitting on my ass typing, printing and talking on the phone.

ALL that in less time than it took for my lunch to heat up on the stove... SO everyone crying its not gona pass should be ashamed if they haven't atleast emailed their rep.

Its funny how a thread that could possibly produce REAL change in this f-ed up system we have is probably gonna be lost to apathy on ats .

i'm really suspicious about all these rumblings of change..

i heard something about "they aren't going to do a QE4" (?) not sure how much longer the fed will be dishing out that 40 odd billion p/month??

i think there is a recent quote by soros along the same lines also?, with an indication that at some point in time (soon?) they are prepared to let it all crash.. (uhh, sorry i don't have a link for that, try internet search if interested?)

i'm hoping this doesn't all end up with digital currency...

i think it can only go one way if that happens..

reply to post by benrl


Done!

I hope everyone heeds this message. It took me 10 minutes to email both senators for my state. Let's go, chop chop!! Rapidomente!

This is all just for show so these people can get reelected!
These TBTF banks are Too Big To Be coerced into division by some piss ant little politicians...
These banks are what runs the show! Their money wrecks or elects careers!

This is several years too late.

I sure a hell hope this passes. Without such steps banks will likely continue to gamble away the economy unabated.

Fodder for the masses. Powers that be will not let it happen. It's all about the money and money buys power so long as there are those who will take it to be a puppet.

Honestly, I do think it has a chance of passing and it being legit. In terms of it passing, look at what has been going on within this country ever since 2008--what happened in the financial crisis put our country into serious trouble and the response of our government (or meaningful lack thereof outside of unregulated/no oversight bail outs) has also gained a lot of ire. We have the most hated Congress in history and they know it. The fact that it is backed by Warren and McCain basically puts it into the limelight and it gives a lot of irritable to angry public reason to hope. If it doesn't pass, how far down do you think the approval rating will go? If it doesn't pass, they might as well pour gas all over the US, which they've been kind of doing anyways, but this time it'd be like a hundred tankers.

Additionally, they also know that the derivatives market in which many of our "too big to fail" banks are playing in is terrifyingly monstrous at this point. That's the same market that the banks were playing in that led to the financial crisis in 2007/8. Back then, the derivatives market was a little over $500 trillion. Now it's $1.2 quadrillion. That's $1,200,000,000,000,000 aka absolutely terrifying. Good article on the subject of derivatives and current legislative fights: www.nakedcapitalism.com...