From the New York Post:
Chuck Schumer’s already setting up the next mega-bank-bailout
Remember when, after the 2008 financial meltdown, both parties really wanted to end “too big to fail” — it’s just that they couldn’t agree on how to do it? It turns out that neither party really wants this — at least not if that principle interferes with business as usual.
Sen. Chuck Schumer (D-NY) is leading the bipartisan charge to allow banks to take risks they shouldn’t be taking again.
Two years after the 2008 financial crisis, President Obama enacted the Dodd-Frank financial-regulation law to stop such a thing from happening ever again. But the law wasn’t enough, Obama said at the bill-signing. “Regulators will have to be vigilant,” he said, and not be fearful of “powerful interest groups.”
It turns out one of those powerful interest groups determined to block change is . . . Congress.
Since the law passed, the Federal Reserve and other regulators have been trying to get the banks to reduce risky lending. One proposed Fed rule would force banks to hold enough “easy-to-sell” investments so that in a crisis, they could sell them to raise enough money to support themselves for 30 days, without having to turn to the government for help.
More at the site but I am retching too hard to cut and paste. This is just unreal. Banks should have absolutely zero ties to investment companies. This is what the Glass–Steagall Act was all about and when Bill Clinton signed the legislation repealing it, that was when our problems started. Chuck the Schmuck needs to keep his effing hands off the financial markets - he is just a tool of the 1%. It is interesting to note that Bernie Sanders wants to reinstate the Glass-Steagall Act. A Sanders presidency would be much better for this nation than a Hillary Clinton presidency...
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