Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Wall Street Reform Gets A Push From The Left

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-03-10 11:28 AM
Original message
Wall Street Reform Gets A Push From The Left
WASHINGTON — Liberal Senate Democrats who until now were on the sidelines are complaining that a pending financial overhaul bill backed by President Barack Obama does not go far enough to rein in Wall Street's giants.

Some want the legislation changed to break up the nation's six biggest banks. Others would be content to restrict banks' ability to engage in speculative trading or to return to Depression-era rules that walled off Main Street commercial banks and their federally insured depositors from the lucrative investment houses of Wall Street.

To the chagrin of bankers and the White House, they could win some votes as the Senate this week begins considering amendments to a bill that Obama and lawmakers promise would prevent a repeat of the financial collapse two years ago, which set off the worst economic crisis since the Great Depression.

The six breakup targets are Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley. Together, they have assets that total more than 60 percent of the nation's gross domestic product.

http://www.huffingtonpost.com/2010/05/03/wall-street-reform-gets-a_n_560561.html

Is it possible the progressives might make some headway here and get a better bill out of the amendment process? Might be a good time to call our Senators.
Printer Friendly | Permalink |  | Top
Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-03-10 04:15 PM
Response to Original message
1. How about we make 25 banks
out of those six. Sounds about right to me.
Printer Friendly | Permalink |  | Top
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-03-10 04:25 PM
Response to Reply #1
2. That does sound about right
63% of GDP in 25 banks? That's a lot more manageable.
Printer Friendly | Permalink |  | Top
 
JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-03-10 05:45 PM
Response to Original message
3. They're all zombies and/or criminal. Nationalize them...
Edited on Mon May-03-10 05:47 PM by JackRiddler
Cancel all debt held against sovereign or public entities (governments, states, municipalities).

Insure depositers as under FDIC.

Obviously cancel all debts they owe each other.

Liquidate the rest. Pay off only obligations to public and foreign entities. Everyone gets a haircut, sorry. Screw shareholders.

Use proceeds to start state banks in every state to replace the system of private parasites.
Printer Friendly | Permalink |  | Top
 
Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-04-10 01:25 AM
Response to Reply #3
4. Even better. nt
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun May 12th 2024, 08:58 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC