Thom's blog - Tuesday November 9th, 2010

You need to know what the big banks are up to. After Democrats passed Wall Street reform legislation earlier this year – big banksters are now trying to soften many of the new rules put in place to prevent another financial crisis. At a conference yesterday – Wall Street lobbyists and big bank CEO’s met to discuss ways to “reshape” new rules. Morgan Stanley CEO James Gorman railed against what he called anti-Wall Street sentiments coming out of Washington and urged, “The financial system nearly shut down. It's only two years on. You need a little bit of patience to rebuild, to accumulate the capital you need.” Boo-hoo. Right...the consumers need patience – yet, the CEOs can’t wait another second to collect their fat bonus checks. This year, executive bonuses are expected to be higher than last year – seems like they’re doing ok to me. Of course these CEOs have a new ally in Congress as Republicans – like incoming House Majority Leader Eric Cantor - have vowed to soften parts of the Wall Street Reform bill. Do they not remember what got us into this mess 2 years ago?! However - one place big banks don’t have an ally is in the newly created Consumer Financial Protection Bureau – temporarily headed by Elizabeth Warren. Appearing on MSNBC last night, Warren said this about the big banks’ efforts to kill consumer protections, “"The Wall Street lobbyists said they would kill it before it was ever born. They lost. And they lost because this is an agency that really is there for middle class families." Finally – after 2 years – It looks like someone in the Obama Administration is looking out for the little guy.

Comments

DAN 1's picture
DAN 1 12 years 12 weeks ago
#1

Finally, a step in the right direction, I think. If only this new bureaucracy doesn't betray Us. I wish they would re-open FDR's old "Bureau Of Price Control". So that the wealth and power boys dont use inflation against Us.

Robert Jacobs's picture
Robert Jacobs 12 years 12 weeks ago
#2

You know Thom...

The founding fathers put the little guy just as relevant as them selves. They made silver and gold legal tender so it was as valuable in your hands as it was in the banker’s hands. When are you going to see the genius of the creator’s of this nation? You are progressively chasing your tail faster and faster!

amplefire 12 years 12 weeks ago
#3

Thom, I am a big fan of your show and wish you well in D.C. After hearing Ralph Nader speak recently, I started to think a lot about something he said in regards to how Obama never mentions poor people in his speeches. Nader was saying this about Obama during the last election before he even won the presidency. There is so much talk all the time about helping out the "middle class" but how about the working poor? Don't the working poor and unemployed now make up the majority of Americans? Just last night, I heard Elizabeth Warren profess the same "middle class" sentiment but she didn't utter a word about the working poor. I have watched her for years and as much as I like her contributions, I don't recall her saying anything about the struggles of poor people. Is the "little guy" really a middle class American worker? I don't think so and I doubt the majority of Americans think so, regardless of their political leanings. I do recall a study a few years back that showed how most Americans think they are wealthier than they are. So perhaps all of this cheerleading for the middle class is because the PR machines know that's how poor Americans tend to identify themselves. Please address this topic sometime. When the liberal left finally stand up for the Americans who need the most support, I believe the tide could turn in a more permanent way, as you alluded to in a recent episode-- with the tea party and the left coming together to address mutual grievances.

gwl's picture
gwl 12 years 12 weeks ago
#4

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j.sea's picture
j.sea 12 years 12 weeks ago
#5

Tea Party-Progressive Coalition For Defense Cuts!
http://pr.thinkprogress.org/
... a path forward? One unified suggestion is outlined here:

http://cdn.publicinterestnetwork.org/assets/3ffceaf43849e603a903fe29b117d51a/USP_NTU_Fiscal-Report-List_Final-Oct2010.pdf

... and Alito headlining at American Spector fundraiser.
http://www.thinkprogress.org/
From that interesting post:
Spectator publisher Al Regnery helps lead a secretive group of conservatives called the “Conservative Action Project,” formed after President Obama’s election, to help lobby for conservative legislative priorities, elect Republicans (the Conservative Action Project helped campaign against Democrat Bill Owens in NY-23), and block President Obama’s judicial appointments...

...As Alito entered the event last night, I approached the Justice and asked him why he thought it appropriate to attend a highly political fundraiser with the chairman of the Republican Party, given Alito’s position on the court. Alito appeared baffled, and replied, “it’s not important that I’m here.” “But,” I said, “you also helped headline this same event two years ago, obviously helping to raise political money as the keynote.” Alito replied curtly, “it’s not important,” before walking away from me.

babbaramma's picture
babbaramma 12 years 12 weeks ago
#6

Until the entire 2005 Bankruptcy Bill is overturned there is very little Liz can do. By her own congressional testimony(2008), it is paramount to restore full bankruptcy to consumers and homeowners. Not to mention, put an end to usury rates. The 2005 bill was the catalyst to the worst of the worst loans, from late 2004-2006. Rather than stopping the predatory lending after the defeat of Elliot Spitzer’s law suit, the republican congress passed the 2005 Bankruptcy Reform Bill to protect the banks from the fallout of their reckless lending.

The bill removed the need for due diligence and probably helped justify AAA ratings. At least in theory. Currently, the bill is the driving force behind the robo-foreclosures preventing homeowners from seeking bankruptcy protection via the courts. Without the hammer of court ordered principal reductions or payment plans, banks have no reason to negotiate.

Very simply put, the financial “Axis of Evil” (GLB, CFMA, 2005 BAPCPA) gave banks control over commodity prices, credit rates while allowing them to gamble with the FDIC insured deposits of the very people they were ripping off.

Can you say as easy as shooting fish in a barrel….

hillsofwisc's picture
hillsofwisc 12 years 10 weeks ago
#7

Jerry Voorhis, Congressman from CA, one of the last defenders of a Free Currency, observed "Banks -commercial banks and the Federal Reserve- create all the money of this nation and its people pay interest on every dollar of that newly created money. Which means that private banks exercise unconstitutionally, immorally, and ridiculously the power to tax the people." In his 1944 book Beyond Victory Voorhis proposed replacing the Bank for International Settlements (precursor of the World Bank) with the International Clearing House, a simple honest trading mechanism to establish parity (as was established for agricultural commodities in this country under the Agriculture Adjustment Act of 1933) across international economies and their sovereign currencies. He also called for the US Government to take over the Federal Reserve ( I think according to the parameters called out in the same Agriculture Adjustment Act of 1933).

Where are the statesmen who understand the underlying problems and are willing to call them out in the same spirit of the American Revolution? Where are the statesmen like Congressman Wright Patman of Texas who will call out the corruption? Where are the people who will instruct congress as to the workings of the economy like the 1940's State Agricultural Commissioners Carl Wilken, Charles B. Ray, and Dr. John Lee Coulter who were so influencial in the adoption of the Steagal Full-Parity Amendment to the War Stabilization Act of 1942? Where are the crusaders like Congressman Henry Gonzalez of Texas to lead for real reform and the Federal takeover of the private banking institution called the Federal Reserve? Where is the President like John F. Kennedy who will have the nerve to sign another Executive Order 11110 and issue a usury free currency in the name of sovereign United States of America instead of spinelessly going along with a usury based system of bank notes loaned into existence by private banks?

These regulations we are talking about today are mere tinkerings and will do nothing to get at the heart of the problem. This writing is a paraphrasing of some of the writings of Rich Kotlarz. Check him out:

http://www.concordresolution.org/column.htm

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