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On the Hill, it’s hard to find where the Tea Party and Wall Street disagree. Tea Party senators like Mike Lee, Rand Paul, and Ted Cruz, plus conservative senators like David Vitter, have rallied around a one-line bill (https://www.govtrack.us/congress/bills/113/s20/text) repealing the entirety of Dodd-Frank and replacing it with nothing. In the House, Republicans are attacking new derivatives (http://www.reuters.com/article/2013/11/15/derivatives-regulator-republicans-idUSL2N0J01MD20131115) regulations, all the activities (http://www.lexology.com/library/detail.aspx?g=51229879-76a9-4403-a76d-9973d9eb0c32) of the Consumer Financial Protection Bureau, the existence (http://www.upi.com/Top_News/US/2014/02/06/Volcker-rule-still-under-attack-from-Republicans/1781391628576/) of the Volcker Rule, and the ability (http://www.bloomberg.com/news/2012-04-13/house-republicans-draft-repeal-of-dodd-frank-resolution-powers.html) of the FDIC to wind down a major financial institution, while relentlessly attacking strong (http://dealbook.nytimes.com/2011/07/21/under-attack-gensler-defends-derivatives-rules/) regulators (http://www.dispatch.com/content/stories/local/2013/04/23/cordray-taking-punches-from-house-senate-republicans.html) and cutting (http://www.bloomberg.com/news/2011-05-23/cftc-budget-scrutinized-by-house-republicans-seeking-15-cut.html) regulatory funding. This is Wall Street’s wet dream of a policy agenda.
http://www.reddit.com/tb/212js0 (http://www.reddit.com/tb/212js0)
Yep, and they will probably get their way. Who will stop them?
Ever hear of Manchurian candidates?
Interesting that the Glass-Steagall Act was implemented by 2 Democrats and kept Wall Street in check until it was ultimately repealed under Clinton- probably the stupidest thing he did. The Volcker Rule was a watered down version of it.
This is why I love Elizabeth Warren:
Elizabeth Warren, former Harvard Law professor and de facto head of the Consumer Financial Protection Bureau,argued (http://www.washingtonpost.com/blogs/ezra-klein/post/elizabeth-warren-thats-the-strongest-argument-for-a-modern-glass-steagall/2012/05/14/gIQAfxTLPU_blog.html)
strongly for the full re-implementation of Glass-Steagall: [Determining trading and hedging] is the strongest argument for a modern Glass-Steagall. Glass-Steagall said in effect that hedge funds should be separated from commercial banking. If a big institution wants to go out and play in the market, that’s fine. But it doesn’t get the backup of the federal government. However, the current fight centers on weakening even the Volcker Rule, not strengthening it.
My kind of gal.
Tobad she'll probably never be senate majority leader because she's just not corruptable enough.
Quote from: stromboli on March 22, 2014, 12:00:24 PM
Interesting that the Glass-Steagall Act was implemented by 2 Democrats and kept Wall Street in check until it was ultimately repealed under Clinton- probably the stupidest thing he did.
The 1999 Grammâ€"Leachâ€"Bliley Act (GLBA) repealed the two provisions of Glass-Steagall Act, that restricted affiliations between banks and securities firms. All three were Republicans. It's true that Clinton could have vetoed it, but remember, this was in the aftermath of the Lewinsky scandal, and Clinton was no longer the man he had been before.
I get that we need to stop bailing out failing banks, but the Wikipedia article for Dodd-Frank doesn't actually say anything about banning bailouts outside of the overview.