Dick Durbin: Banks "Frankly Own The Place"

Sen. Dick Durbin (D-Ill.) has been battling the banks the last few weeks in an effort to get 60 votes lined up for bankruptcy reform. He's losing.

On Monday night in an interview with a radio host back home, he came to a stark conclusion: the banks own the Senate.

"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place," he said on WJJG 1530 AM's "Mornings with Ray Hanania." Progress Illinois picked up the quote.

Earlier Wednesday, Senate Majority Leader Harry Reid (D-Nev.) told the Huffington Post that the most important provision of bankruptcy reform -- the authority for a bankruptcy judge to renegotiate mortgages, known as cramdown, which banks strongly oppose -- could get ripped out of the bill. Speaker Nancy Pelosi (D-Calif.) pushed back, saying that a bill without such a provision wouldn't be reform at all.

While Durbin has been negotiating with individual banks over the last several weeks, bank lobbyists and Senate Minority Whip Jon Kyl (R-Ariz.) have been whipping up opposition to it. A growing number of Democrats have announced opposition to cramdown, including Ben Nelson (Neb.), Mary Landrieu (La.) and Jon Tester (Mont.).

"There's been a tendency on the part of some who are advocates for the legislation to overestimate the number of votes in favor," said Sen. Evan Bayh (D-Ind.). "When I was actively involved at the moment it broke down it was my impression there were no Republicans who were willing to support it and at least a few Democrats have stated openly on the record that they were in opposition. How you get to 60 with those numbers is a mathematical problem."

Ryan Grim is the author of the forthcoming book This Is Your Country On Drugs: The Secret History of Getting High in America

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Comments

[pawnshopsandiego]

Senator Durbin is trying to pass a bill (SB 500) that would close pawn shops. Millions of people use their local pawn shops and consider their local pawnbroker a friend that helps them when they need a pawn loan. Support your local pawn shop or lose forever the ability to pawn anything in America.

DID ANYONE KNOW THAT HE WAS GIVEN 55,000.00 FROM CITIBANK AND THEY ARE EXEMOPT FROM ALL BILLS HE WROTE

Economic historians have documented that usury laws -- or caps on allowable interest rates -- have existed since pre-biblical times. Unfortunately, over the last 30 years or so, federal, and most state, usury ceilings had been eliminated through a series of wrong-headed court and Congressional actions. In 2006, we were successful in passing a law, the Military Lending Act, reinstating usury ceilings at 36% APR for loans to military personnel. Last week, Senator Dick Durbin (D-IL) introduced legislation, S. 500, to extend that protection to loans to all Americans. Here's the important part-- we're not just talking about predatory payday lenders, rent to own stores and their ilk. The limit would apply to credit cards and shameful bounce-overdraft protection loans made by banks. While 36% APR may sound higher than most credit card rates, the bill limits would apply to their punitive fees as well, which have the effect of triple-digit interest.

WWW.SAVEMYPAWNSHOP.COM

[charitabledonation]

I'm a democrat who doesn't believe contracts should be "renegotiated" by judges. BUT, I also believe that the banks do not have the ability to regulate themselves, and neither do wall street investors. Reform and regulation scares them. But, even Barney Frank let B of A write the first bailout. I don't trust Barney even if he's out. So yeah, lets open the discussion up about the Oligarchy and how to get lobby money away from our politicians. Hmmm...fat chance!

Look. The banks need to take it in the rear, just the way we have. Own up. Be responsible. WRITE DOWN YOUR LOSSES AND FREE UP THE FORECLOSURE HOUSES THAT HAVEN'T HIT THE MARKET YET. Lets let our economy rebound to -affordable-, where it belongs.

[thirteen13]

I believe that a criminal mob has taken over the financial industry and they have corrupted the political system as well.

Corruption has become a Democracy state of mind. Torturers and Financial Wonders even own our Criminal Justice System by being immune to any consequence of their criminal behaviour.

[kassandrasduplex]

So if we can't reform the banks then what chance have we for genuine progressive healthcare reform?
The republic is doomed.

[Sean6399]

Oh you'll probably get healthcare reform. But it will consist of sweetheart deals for politically connected insurance companies and banks so that they can increase their profit margins by managing down the services delivered to end users. Meaning everyday people being denied access to medical procedures deemed "too expensive" or, "unapproved". Your medical care won't be a decision between you and your doctor, but a decision made by some distant bureaucrat on your behalf. A bureaucrat who really cares deeply about your life and health. Right.

[themodernleader]

It may be that Senator Durbin who has taken his fair share of financial-interest monies, is regaining his posture as a leader of honesty, intergity, honor and courage. He is not blinded by wealth and greed. He can see what is happening in the Obama Administration. He recognizes that he persuaded poor people like myself to support Candidate Obama unflinchingly and trustingly.
Has he talked in private with his alleged friend, President Obama. If he is even permitted an audience by the Obama Team, has he talked turkey to Obama in private? Has he told him that he is double-crossing his core constutiency and demanded that he stop this contract with the devil, or he (Durbin) will bolt the Party and form a movement that puts people back to work on jobs with a livelihood and future? I hope so.

[insomnolent]

It is about time someone stood up and at least mentioned the pink elephant in the room. Regardless of whether this was a Freudian slip, I commend Senator Durbin for acknowledging this obvious truth. The Federal Reserve, despite its misleading name, is a private institution headed by international bankers that do not hold the interests of the American people at heart. Many of the Founding Fathers, especially Thomas Jefferson, vehemently opposed and warned against central banks that issue fiat currency. Andrew Jackson successfully defeated our country's former central bank and now it is our generation's turn to do the same and return to constitutional, sound money. Jackson had it right when he summed up the nature of the central banking system, "Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."

[Sean6399]

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

- Thomas Jefferson, 3rd President of the United States

Do you think America is getting it yet?

[kassandrasduplex]

God bless you (and Jefferson) for reminding us of that quote.

[googoogajob]

Wait a minute....are saying that the banks own the senate?
and the house?
basically our entire political system?

Why doesn't Obama DO SOMETHING about this?
Why doesn't he clean up the place, and get our country back on track?
He made so many promises to do just that, why won't he?
Why do things just keep getting worse and worse?

I mean, as a professional politician, ex-congressman, ex-senator, and now leader of the free world, you'd think he would know just how to save us from this?

Oh
Wait a minute.
Uh.......
I get it.

[ltyler01]

Get serious

[googoogajob]

serious?
I'm dead serious.

comment on what you think I've just said.
now that'd be getting serious.

[OneSkeptic]

It is sad to note that the good of the few continues to override the good of the many. Actually, it's tragic. Have we accomplished nothing in electing a democratic majority!

[dsws]

"Have we accomplished nothing in electing a democratic majority!"

It's far from nothing, but also far from everything. If we get to the point of outnumbering the Republicans two to one -- 67 in the Senate and 291 in the House -- then we'll be in a position to start thinking about political impossibilities like ending plutocracy.

[Sean6399]

A Democrat majority, over the unanimous opposition of every Republican in the House of Representatives passed the massive unaccountable banker bailout that among other things was used to hand out fat bonuses to the execs at AIG who ruined their company by gambling on credit default swaps. But somehow, you still think that your "team" are the "good" guys.

In fairness, the democrat supported bailout was really no different policy-wise from Bush's TARP program. Which just further reinforces the fact that Goldman Sachs and like entities own the entire US federal government, whether it be democrat or republican "led".

And this situation will never change as long as the people remain blinded by the illusion that there is any meaningful political opposition in Washington DC. The democrat and republican parties are both wholly owned subsidiaries of the monied interests that actually run this country. As long as gullible suckers believe that differences on gay marriage between the parties amount to a meaningful difference on policy, the divide and conquer game of American politics will continue unabated.

Arlen Specter switched from being a lifelong republican to a democrat, and the democrats welcome the guy with open arms. If these parties really represented different viewpoints, then wouldn't some democrat object, even a little bit to Specter's defection? But they don't object, because behind closed doors it's just a game to fool the American people so that they don't realize that their democratic republic died long ago.

[LeLoup]

The banks owned the place because the occupants of said place are letting them do so.

Perish the thought that Senators would grow a set and locate their spine for a change. Since the classic media won't ask the tough questions, here the one that bloggers can ask:

"Senator, how much did you received and how much were you promised by the banking lobby to oppose reform"?

[LemonMeringue]

“We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years… It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.”

- David Rockefeller, Bilderberg Meeting, June 1991 Baden, Germany

Find the video of "Money as Debt" on the internet to understand how it works. Banks rule the world, and money is only debt which they create out of thin air. There is no value in any of it.

[MadAppraiser]

The American banking and Wall Street institutions for all intent purposes regulate themselves! Private or public inquiry into the American banking and Wall Street consortium is an expensive exercise in futility – THEY OWN THIS BAD BOY!!!

Mainstream America is not on a level playing field with the American banking and Wall Street cadre of lawyers, economist, accountants, financial specialist, and political lobbyist. The American banking and Wall Street consortium control the American currency, and their financial think tanks guarantee winner status in the majority of private, and government investigations!

The majority of American citizens proudly carry economically deceptive plastic bombs in their wallets even if they possess legal, and financial acumen. This clearly illustrates the effectiveness of successful credit card marketing campaigns conducted by American banking institutions in their conquest of the American economy.

What can America expect from the financial institutions that directed American citizens into trick collateralized, and non-collateralized lending instruments? Also, what can American citizens expect from American banking institutions acting as curators of federal bailout funds for distressed borrower assistance? I hope the answer is not, NOTHING!!!

[Bingram]

Do banks own us?? Lets see, the Gov. of Illonois says " we won't deal with Bank of America", ... 36 hours later he's arrested.and ruined.

[Retrofuturistic]

Finally, somebody says the truth: "Our legislators are owned by the banks."

This is why the bailouts occurred. This is why trillions of OUR money were given to the banks and the corporations.

The people were robbed by legislators who were elected to serve US, not themselves and not special interests.

The large question is: WHY do the American people put up with this?

[RustyPatina]

Our people have a long history of voting against their own economic interests. Why expect them to do anything differently now?

[PhilipTaylor]

Facts - Does Wall Street Own Our Government?

PROTECT OUR Congress Members Votes:

Funnel all Political Contributions through a Government Contribution Cleansing and Funds Distribution Agency that uses strict formulas for allocating funds blindly to Politicians so their votes are NOT purchased! Fairness for New potential Members (No incumbent advantages for voting record)!

Wall Street Controls our Congress:
http://www.wallstreetwatch.org/soldoutreport.htm

CBS Report: Wall Street Spent $5 Billion For Political Influence

http://www.cbsnews.com/blogs/2009/03/04/politics/politicalhotsheet/entry4842645.shtml

Wall Street OWNS Congress:

1. Average of $7.5 Million to each Senator every 4 years!
2. Average of $1.86 Million to each House Member every 4 years!

Senator Kyl Gets $5,304,916 every 4 years from Wall Street and Banking Interests
Kyl gets from Business PACS $5,028,615 and from Labor PAC only $19,200
Senator Bayh Gets $Half Million from Goldman/4 years!
Bayh also Gets over $4 Million from Banking Lobbyists/Corporations/4 years!

YES Wall Street Runs Our Government!

[PhilipTaylor]

Durbin says, “If you ever want to start a snake farm then introduce the Bill I introduced that puts a ceiling for one year of 36% on annual interest rates and you ought to see what craws under the door....

..and these guys say you just don’t understand.

So I say well what do you charge?

Well between 58% and 358%!

And I said how can you justify that?

The ones that borrow at that rate, ruin their credit ratings for life because they can never pay it back!

College students are many of the victims and have to drop out of school because of credit card debts!"

Recall the banks pay only 1% on savings!

[Carolab]

UNFREAKINGBELIEVABLE