The Senate Budget Committee nearly voted to break up Wall Street's biggest banks. But four Democrats helped pro-Wall Street Republicans kill an amendment from Bernie Sanders that would "require the divestment of any financial institution the failure of which would pose a systemic risk to the economy."
Republican Senator Jim Bunning, on the other hand, crossed the aisle to vote for the bill along with nine Democrats.
The four Democrats who helped rescue the big banks were Kent Conrad, Mark Begich, Mark Warner, and Bill Nelson. If you live in North Dakota, Alaska, Virginia, or Florida, you might want to let your Senator know how you feel about what they just did. And here's a promise: When Senators like these serve their banking masters at their nation's expense, we intend to let you know about it.
Wall Street behemoths: They're stifling the economy. Their profits are soaring through the roof, thanks to the cheap money we've given them, and because everybody knows we'd have to rescue them again. Kent Conrad, Mark Begich, and Bill Nelson just saved them -- and hurt you.
So far, Republicans like Bunning have been an exception. That could change under pressure, but so far the rest of the GOP's been dancing to the big banks' tune like bears at a carnival. They're so tightly in lockstep that Lloyd Blankfein might as well be reviewing them like Lenin from a grandstand in Moscow Square. An up-or-down vote on the floor of the Senate could change that.
Now let's name the other Senators who voted to protect the big banks: Gregg, New Hampshire. Grassley, Iowa (who broke with his party the other day but lost his nerve today.) Enzi, Wyoming. Sessions, Alabama. Kentucky. Crapo, Idaho. Ensign, Nevada. Cornyn, Texas. Alexander, Tennessee.
If you live in any of those states, be sure to let them know how you feel about their vote. And remember, Senate Republicans have been dancing to Wall Street's beat when it comes to the "pre-funded" liquidation fund, too. They're claiming it would future bailouts. No, it makes the banks pay for their own bailout. If they oppose this bill -- and oppose breaking up the big banks, as they did with this vote -- they're making you pay for the next bailout.
While we're at it, let's note the other Senators that did the right thing. That would be Sens. Murray, Wyden, Feingold, Byrd, Stabenow, Cardin, Sanders, Whitehouse, and Merkley.
There will be a number of upcoming votes on financial reform in the Senate. Why not let your Senators know that you'll be watching them closely? We will be - and we'll be reporting on them. In the meantime, feel free to review the charts below for an illustrated tour of the world that was protected yesterday by the votes of (remember these names) Sens. Conrad, Begich, Nelson, Gregg, Grassley, Enzi, Sessions, Warner, Crapo, Ensign, Cornyn, and Alexander. It would be uncivil to call them the Dirty Dozen, but something's tainted them - and chances are it's Wall Street money.
(via Mike Konczal)
(via Traders Narrative)
Richard (RJ) Eskow, a consultant and writer (and former insurance/finance executive), is a Senior Fellow with the Campaign for America's Future. This post was produced as part of the Curbing Wall Street project. Richard blogs at:
No Middle Class Health Tax
A Night Light
Website: Eskow and Associates
Follow Richard (RJ) Eskow on Twitter: www.twitter.com/rjeskow
Joseph A. Palermo: Peter Baker and David Herszenhorn: Wall Street Reform Reporting Lacking
After all the suffering caused by the massive layoffs and home foreclosures that have devastated communities, the best our elite journalists can do is tell us that they have no way to discern who is lying and who is telling the truth?
Thank you all for focusing on the logical point that seems to be lost on so many. The “Mega Banks” (were and continue to be) “Too Big to Fail” and have actually grown even larger during this ongoing crisis. Logically they now present an even greater systemic risk. Government intervention and aid was necessary in September of 2008…and continues because the sheer size and level of interconnectivity of these few “Wall Street” institutions grants them extortive power.
Congressional failure to break up the “Wall Street Mega Banks” simply cannot be logically or politically justified…Allowing them to exist in their present size and function continues to represent a terrible and unnecessary risk to our economic and political system.
Members of Congress from both parties please restore the firewall of Glass Steagall and follow Senators Kaufman and Brown’s responsible plan to effectively end “Too Big to Fail.”
*Senator Shelby "especially" please work to restore Glass Steagall as you were one of the few from either party who responsibly warned of the dangers of this course of action and did not vote to repeal it.
Senator Mark Warner
MapLight.org
http://maplight.org/us-congress/legislator/803-mark-warner
Top 20 Industry Contributors 2005-2010 “OpenSecrets.org”
http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00002097&type=C
Senator Ben Nelson
MapLight.org
http://maplight.org/us-congress/legislator/597-ben-nelson
Top 20 Industry Contributors 2005-2010 “OpenSecrets.org”
http://www.opensecrets.org/politicians/industries.php?type=C&cid=N00005329&newMem=N&cycle=2010
Senator Kent Conrad
MapLight.org
http://maplight.org/us-congress/legislator/552-kent-conrad
Top 20 Industry Contributors 2005-2010 “OpenSecrets.org”
http://www.opensecrets.org/politicians/industries.php?type=C&cid=N00005329&newMem=N&cycle=2010
Senator Mark Begich
MapLight.org
http://maplight.org/us-congress/legislator/808-mark-begich
Top 20 Industry Contributors 2005-2010 “OpenSecrets.org”
http://www.opensecrets.org/politicians/industries.php?cycle=2010&cid=N00029901&type=C
HR1207, S604
Washington did a fine job helping to create these giant banks.
For all of you who think this reform is such a great idea -- re-read the bill and in every place that it gives huge new 'non-judicial review powers' to the president -- insert the name George W. Bush for president, not Mr. Obama. The power goes with the office -- not the occupant. Are you willing to trust that power to someone you don't like, trust, honor -- but is the elected president of the country?
Think about it, if we can get oft times 30,000 comments within hours, that's one committed bunch...and vocal!
The top two charts show, since 1995 the financial sector share of GDP up 3x, big banks up 4x.
Why 10 or 20 banks would matter is beyond me, they would still have all the money.
The problem is leverage, debt.
Most of the population, and the Federal government, is in debt - to the rich.
That's who holds mortgage, credit card debt, T bills: the rich. Mostly US, some foreign.
The financial industry is just their servant, don't blame them.
These financial institution have put the world at risk and we can not let them do this again, they are already showed up how they care about the world, taking their big bonuses, laughing at us and continue to do the same that put us in this mess and they have paid big bucks to buy the vote. We have to hold those representative responsible that vote for these financial corporations.
It is time that the people get really angry and vote those out that think they have nothing to worry about because the people will forget about it by November. No hwel no we won't.
Just keep putting those names out there I'm writing them down and if I can't help vote them out in NOV. the next time they come up for reelection I will still have may list and I won't forget.
Fear mongering will never work for them. It only works for poor wretches, who jobs ended because of big banks. What Tea baggers need to understand is that these banks are type of mega psuedo-bureaucracy central bank in the Soviet sense because they control the economy and push it around. It is no different than the old Soviet and New Chinese central banks do. The money goes to the party leaders at the top and never makes it down to the average folks. This is supported by the Democrats in the form of.. Mssr Fat cats: Kent Conrad, Mark Begich, Mark Warner, and Bill Nelson.
best,
DenverJJ