Federal Reserve-Led Regulation Opposed By Lawmakers From Both Parties

An unusual alliance of conservatives and liberals is pushing to break up or downsize banks deemed "too big to fail," rather than create a new regulatory regime led by the Federal Reserve to try to keep them from getting into trouble again.

Read the whole story

Comments

[BernankeMadoff3]

Economy is rigged against middle & lower class

good articles: http://financeopinionss.blogspot.com

health care reform is good, but we also need better financial reform. no more bailouts

[joebhed]

The problem of this TBTF banking system is that the insane private money-creation power of the banks threatens the entire financial economy of the country.
What really needs to happen is to have the banks lending real money.
And not creating new money as debts through both fractional-reserve commercial banking , and untold leveraging in the shadow-banking sphere.
It's ALL money.
THAT is the problem.
The Austrians are right about this.
Where they're wrong is that once you have removed the money-creation power from the private bankers, you still need money-creation, and that power must be restored to the government.
If you read the article, you can see that the money-power is the corrupting influence with the government.
Politicians cannot win election without the huge money contributions from those who want to maintain their power to create the nation's money.
Remove that power and you remove that corrupting influence.
The solution to all of this is a debt-free, government-issuance of the money supply as laid out at the American Monetary Institute's website.
(They're NOT Austrians.)

[rissole]

Please stop refering to those people as lawmakers. They are criminal bribe takers.

[Hopeington]

Finally, something we can all agree on.Go Bernie Sanders!!
Maybe we can see some action from our legislators and see how fast they can get something passed when they all work together for the good of our country..

[racetoinfinity]

The too-big-to-fail big banks must be broken up and divided into commercial and investment houses again! It's good to see that this has BIPARTISAN SUPPORT. Do you hear that, President Obama?

From the article:

"The big banks, long a potent funding source for political campaigns, are waging a major lobbying campaign that appears to have been successful so far against efforts to break them up. Particularly effective in pushing the industry's point of view has been Jamie Dimon, the chief executive of JP Morgan, the one big bank whose reputation emerged relatively unscathed from the crisis. His frequent meetings with President Obama and other top Washington officials has given him the moniker "Obama's favorite banker."

Mr. Dimon is one of the top contributors to federal campaigns, having made contributions of $50,000 or more, according to OpenSecrets.org, which also list as top contributors executives from Goldman Sachs Group, Citigroup, AIG, Freddie Mac, Morgan Stanley, Bank of America, MBNA Corp. and other big financial firms."

That says a lot: "Obama's favorite banker" (!)

Obama has big-bank-friendly Geithner in place to block this, but this is what is needed and what the people want!

[CaliGrown78]

Okay if they can actually work together that would be awesome because that's what it should always be about is working together for the intrest of the AMerican public & they're so right not to trust those bozos @ the FED to do anything right, let's hope this isn't all lip service like everything else these days

[pj-smith]

I don't see them getting it done...mouth service.

[goldman bankfein]

Breakin' up banks is bad for business and it is bad for America. We need big banks because we need big bonuses, because we are doing God's work.

[joebhed]

totally !

[DiogenesOfAlaska]

sounds like a good idea

[StockMarkets]

No more bailouts. No more too big to fail. more effort needs to be done to make work. Instead, unemployment keeps climbing as well as the deficit. Tax cuts and toehr stupid gimmicks aren't the answer.

hat tip to http://financeopinionss.blogspot.com

[sonofsamphm1c]

Saying there should be no more bailouts would be akin to saying trauma centers should be closed. Lifeguards fired. EMTs locked up so there can be no more life saving.

You are outraged that they saved the economy.

[beartrack]

That's a real poor analogy. The bankers are criminals. They have been stealing from the people for years. These other folks are not.

[sonofsamphm1c]

They take the side of common sense.

Is Saddam Sachs a monopoly?

[goldman bankfein]

We are doing God's work.

[Chubbster]

Don't be fooled by false the sincerity of Tim Geithner.

[sonofsamphm1c]

Don't be fooled by the wild-eyed craziness of Timothy Geithner's bashers.

[Jannsmoor]

This is actually good news that the whole concept of breaking up the TBTF firms isn't dead yet.

There's no question they need to be broken up. We also need Glass-Steagall reinstated, withdraw the loan guarantees they all have, and stop letting them borrow money at 0% interest at the discount window. They can also pay back the government for all the damage their fiasco has cost. THEN they can hand out bonus checks.

[sonofsamphm1c]

If you break them up and destroy the American economy in the process, are you going to apologize?

Where does Goldman Sachs rank among American bank holding companies? Where do American banks rank versus foreign banks? We have maybe two banks in the top ten, and probably no banks in the top five.

[niblik]

In case you may have missed it, the economy has already driven off the cliff. And the folks in the drivers's seat were our "Captains of Industry".

They have abused our trust and have already shown that they want to return to exactly the same practices that got us in this mess.

And this is after the taxpayers saved their bacon. If you want to ignore all this, you are welcome to. I'm not ignoring their actions.

Break em up.

[MadeandBakedintheUSA]

I do not believe that the GOP will follow through with any reform!

They will have their excuse for no vote I am sure!

Have we ever questioned Richard Shelby who was Chairman of the Finance and Banking Committee?

[sposton]

Why does the Obama administration always seem to take the side of corporatocracy? Not exactly the change we need or can believe in! If measured by the difference between the promised and the attempt to deliver the promised Obama must be one of the most disappointing presidents ever.

[totaldisbelief]

YouTube...Fall of the Republic...watch it.

[Havingfun100]

You can't just love the workers and then hate the businesses that give them jobs

[sposton]

I can only guess what are your main sources of information. ;-)