The American Bankers Association's 15 Minutes of Fame in Chicago
Like termites, the American Bankers Association (ABA) does most of its damage in the dark. But the ABA is getting a brief period in the limelight this week as a result of the Showdown in Chicago.
The Showdown is a series of protests organized by a number of community groups and labor unions at the ABA's annual convention. The protests are designed to call attention to the fact that the big banks, many of whom are in existence today only because of a taxpayer funded bailout, are now paying out huge bonuses to their executives. They are also spending money by the bucketful on lobbyists to obstruct meaningful financial reform. Meanwhile, tens of millions of people have lost their jobs and/or their homes due to the recession brought on by the banks' recklessness.
More than 1,500 people took part in the first day of the showdown, as protesters confronted the bankers at their 1920s swing ball. Prior to crashing the ball, the protesters listened to a series of speakers condemn the bankers' take the money and run business strategy. The list of speakers at the Showdown includes Richard Durbin, the Senate Majority Whip, and Sheila Bair, the head of the Federal Deposit Insurance Corporation.
When it comes to passing meaningful reform, the ABA is well-positioned to win the inside game in Congress. They have the team of lobbyists and campaign dollars needed to stay on top of the details of legislation and to press their agenda with Congress. Those seeking to rein in the power of the big banks are seriously outgunned in Washington.
However, the picture looks different outside the beltway. This is why the TARP went down to defeat on the initial House vote last September. Hundreds of thousands of people called their representatives in Congress to express outrage over the plan to hand banks hundreds of billions of dollars with almost no strings attached.
The Showdown in Chicago is tapping into this same sense of popular outrage. It is very important first step. There will have to be many other showdowns in other parts of the country to win a victory over the big banks (and hopefully making them much less big), but this Showdown has gotten their attention.
The big banks have a hard case to argue. Why should a country that supposedly idolizes the market have banks that are so big that the government is obligated to bail them out if they get into trouble? That is why Senator Durbin spoke at the Showdown. That is why Sheila Bair spoke at the Showdown. Even former Federal Reserve Board Chairman Alan Greenspan argued for breaking up too big to fail banks.
We just have to force Congress to get behind the effort to break up the banks. A few more successful showdowns can get Congress to see the light.
Robert Reich: Breaking Up the Big Banks, and Why Congress Won't Do It
Two ideas are floating around Washington regarding how to handle 'too big to fail' banks, but only one is supported by the Treasury and the White House. Unfortunately, it's the wrong one.
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Durbin and his colleagues need to reign in K Street before they start claiming they can protect Main Street. How can he push consumer finance reform through a Congress he himself admits to be compromised by the influence of the banking industry? By that logic, Durbin is actually helping the banks by pushing reform through this Congress. Durbin can claim he's getting tough on the banks all he wants, but until he works to undo that influence—significantly—he's merely abetting the banks.
Obama truly has become The Incredible Shrinking President with ideas and methods that either don't work or cause more harm, indecision, and fluffy speeches without follow-up that soon will be useful only to comedians seeking new material to mock.
With the exception of his shrinking core group of supporters, the Obamabots, who believe he can do no wrong, he is becoming an irritating irrelevancy.
I see this situation as a blessing because our nation is on the fast track to nowhere. We the People are awakening from our long slumber to the realization that our system of government cannot function without a knowledgeable electorate ever vigilant, concerned, plugged-in, and eager to participate in democracy. We needed to witness the health care reform fiasco up close and personal to realize that we are the only people who can solve the problems we face and we must put aside our differences and rely on each other to solve them.
I must sheepishly admit... The pictures and tone of these protests are a surprising facsimile of the "Tea Party" protests from this summer. But the coverage of it in this outlet is much more triumphant and much less 'crazy.' Even the protesting comments section about a lack of media coverage is almost EXACTLY THE SAME!!! Not saying it's right or wrong... Just stating an observation...
BFD. Congress has already been paid off. You'll get to read about the payoffs right here on HuffPost.
When it comes to passing meaningful reform, the ABA is well-positioned to win the inside game in Congress. They have the team of lobbyists and campaign dollars needed to stay on top of the details of legislation and to press their agenda with Congress. Those seeking to rein in the power of the big banks are seriously outgunned in Washington.
NOT REALLY, but the American people continue to forget the actual power of their vote and what it represents. We are the ones who put politicians in office and we're the ones who can vote them out when they don't work for us....the average citizen.
It's up to the American voter...Joe and Jane Average to remind these politicians Democrats and Republicans who they actually work for and it's not.....
The Insurance Industry
The Banking Industry
The Media
The Oil Industry
and anyone who lines their pockets
It's US............It's time to wake up Joe and Jane Average.
They need to be more afraid of us and what our power represents more than anyone else.
Enough is enough
While I agree with you in principle, the fact is that money is power. It is important to remind us of the power of our votes, but also important to factor in how we decide foe whom to vote.
Overwhelmingly, voters elect the candidate with the huge campaign chest, because she is the one with the most ads, the most staff. There are many potentially great candidates we never hear of. So while we have the vote, we don't have the tools to make the best decision. And most people-- even those well informed-- only get to choose the candidates the big money backs. Campaign finance reform is THE biggest issue.
It's real simple. Break up these big banks, put some regulations in place and enforce them. Otherwise, it will take years to get back on track and when we do there'll be a bigger crash that will sink this country for once and for all. Other countries are leaning toward breaking their banks up, so if we don't., we will be on our own and when the crash comes, no one will either want to help us or even be able to
Make no mistake progressives, Obama is on the side of the Wall Street criminals who provide him money and will make him even wealthier when he gets out of office. Clinton got rid of glass-steagall and now he is worth untold millions. Stop kowtowing to Democrats as they are just as bad as Republicans with the added sin of hypocrisy. Republicans pretty much admit they don't care about the man in the street. Democrats get elected by pandereing to the little guy and then stabbinbg him in the back.
I can't argue with that. Campaign finance reform before anything else.
We the People need to take our government back for the People so we can once again be a nation of the People and by the People, not the corporations or their lobbyists. GO PEOPLE!
"...but this Showdown has gotten their attention."
Sure it has - Big Bankster is, like, sooooo worried that 1200 fellow citizens out of 300 million are like angry and stuff. What if, God-of-Money forbid, there's another tiny protest at some point in the future???
If I were a Big Bankster, I'd be plotting ways to steal even more, just to give the 'angry protesters' another middle finger up the butt.
...Oh, wait, they're already doing that... sorry Big Bankster - keep up the good, er, work?
I am really curious about what happens when the banksters get into trouble next time. And that time is coming sooner than anyone seems to expect. The true fact is that our too-big-to-fail banks are already bankrupt; we just need another trigger for this to become self-apparent to everyone. Don't be fooled by their record profits - they haven't made those on traditional banking activities.
I think it is time to nationalize the money creation system in this country. The sooner we do it better off all we'll be. The current system cannot be saved. It is irredeemably doomed. But these zombies can continue sucking our blood for years before their last grasp of air.
As a handsome 38-year-old stockbroker who has benefitted from the bailouts and Fed actions, I like it when the media ignores moderate protesters like this.
But I do like it when the media focuses on the tea parties, full of nut jobs. That's the key to my survival -- make all protesters look like freaks by focusing on the freaks, and thus marginalize all protesters in the process, even the good ones. That way, the mainstream won't catch and will stay focused on NASCAR, the NFL and cheese puffs. And the bailouts continue...
I hope I didn't say all this out loud.
Ah, Stockbroker38, you are much too young and handsome to be so droll!
And yet you broach an interesting "what if"... what if tea baggers and moderate protesters converged on this issue? Seems to me things would really get popping. Alas, however, FOX has the crazy hats on a bus, kicking up dust in the desert, like a lost tribe. Oh well.
Meanwhile, your Proustian moment is safe with us.
Ssshh, Your Vulcan Mind Meld is too powerful.
There's a reason none of the major "news" organizations covered the showdown; the corporations do not want it out there in the public awareness. That's why we will only see it here. Free speech still thrives on the internet.
FWIW
Did the major US news orgs even cover the bank protests in Chicago? No sign of it on their websites. Same with the protests against the war, little or no coverage. Too busy covering infotainment topics.
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