themcglynn.com

08 Mar

Sixteen Senate Democrats Support Wall Street, Senator Warren Fights

A bill that would scale back some of the 2010 laws, known as Dodd-Frank, meant to prevent future abuses in the financial system.

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A few thoughts by The McGlynn

The upper chamber voted on Tuesday 67-32 to limit debate on the bill, setting the stage for its final passage later this week.

Sixteen Democrats backed the motion to advance the legislation; twelve of them are cosponsors. Senate Minority Leader Chuck Schumer (D-N.Y.) offered no criticism of the bill, in his regular morning remarks on Tuesday, just fifteen minutes before the vote. Every single Republican present backed the measure.

The bought Michigan Senators:

Debbie Stabenow

Contact this fool and tell her to go to hell.

731 Hart Senate Office Building Washington DC 20510

(202) 224-4822

Contact: www.stabenow.senate.gov/contact

Peters, Gary C.

Contact this fool and tell him to go to hell.

Peters, Gary C. – (D – MI)

724 Hart Senate Office Building Washington DC 20510

(202) 224-6221

Contact: www.peters.senate.gov/contact/email-gary

For the other fools go to Senators of the 115th Congress>>

Bennet (D-CO)

Carper (D-DE)

Coons (D-DE)

Donnelly (D-IN)

Hassan (D-NH)

Heitkamp (D-ND)

Jones (D-AL)

Kaine (D-VA)

King (I-ME)

Manchin (D-WV)

McCaskill (D-MO)

Nelson (D-FL)

Peters (D-MI)

Shaheen (D-NH)

Stabenow (D-MI)

Tester (D-MT)

Warner (D-VA)

Let us not forget the crash of 2008 and recognize the more recent scandals at Wells Fargo, Equifax and other financial institutions. We should be fighting for tougher Wall Street rules, not rolling them back to pay back wealthy corporate donors.

This action is a prime example of Wall Street’s political clout in both parties, purchased through billions in political spending over many decades.

These fools have laid  the groundwork for another massive financial collapse.

The McGlynn

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Democratic senator says Congress has forgotten the ‘devastating impact of the financial crisis’ and vows to stop bill passing the Senate

Elizabeth Warren said: ‘I don’t understand how anyone regardless of political party could support a bill like that.’

Elizabeth Warren said: ‘I don’t understand how anyone regardless of political party could support a bill like that.’ Photograph: J. Scott Applewhite/AP

Congress has forgotten the “devastating impact of the financial crisis”, Senator Elizabeth Warren said on Tuesday as Republicans moved closer to relaxing banking regulations implemented after the financial crash of 2008.

A vote of 67-32, with support from a coalition of moderate Democrats, a number of whom are facing tough midterm elections, allowed the Senate to begin debating a bill that would scale back some of the 2010 laws, known as Dodd-Frank, meant to prevent future abuses in the financial system.

The strong bipartisan vote paves the way for the Senate to pass the bill by the end of the week. Lawmakers in the Republican-led House would still need to approve the measure before it comes law.

Republican leaders said the bill would boost small banks and businesses. Senior Democrats said it was an attempt to deregulate big banks that caused the 2008 crash, inviting similar disaster.

“This bill seeks to right-size the regulatory system in our country and to allow our community banks and credit unions to flourish,” senator Mike Crapo, chair of the Senate banking committee and the author of the legislation, told reporters on Tuesday.

The legislation would increase the threshold at which banks are subject to stricter capital and planning requirements. Lawmakers are intent on easing those rules for midsize and large regional banks, asserting that would boost lending and the economy.

Warren, the Massachusetts Democrat who worked with the Obama administration on banking industry oversight after the 2008 crash, pledged to fight the bill, even if she faced long odds.

“There’s Democratic and Republican support because the lobbyists have been pushing since the first day Dodd-Frank passed to weaken the regulations on these giant banks,” she said during a morning press conference.

She added: “People in this building may forget the devastating impact of the financial crisis 10 years ago – but the American people have not forgotten. The American people remember. The millions of people who lost their homes; the millions of people who lost their jobs; the millions of people who lost their savings, they remember and they do not want to turn lose the big banks again.”

She was joined in her rebuke of the legislation by Vermont senator Bernie Sanders, who said in a statement: “Now is not the time to deregulate banks that have more than $3.5tn in assets and lay the groundwork for another massive financial collapse. Now is the time to take on the greed and power of Wall Street and break up the largest financial institutions in the country.”

Pat Toomey, a Pennsylvania Republican who chairs a key banking subcommittee, touted the measure as “progress” toward providing relief from regulation for small credit unions and regional banks.

“This begins the process of pushing back a little bit on the excesses of Dodd-Frank,” Toomey said, “which are holding back economic growth and imposing completely unreasonable costs on small banks and banks that are not systemically a threat to the country.”

The House financial services committee chairman, Jeb Hansarling, said his chamber’s bill was “a very modest recalibration” of Dodd-Frank “that’s going to help community banks and credit unions”. The legislation would increase the threshold at which banks are considered too big to fail and are subject to stricter regulations.

Warren said the Senate bill contained a change to wording that would allow the biggest banks to pressure the Federal Reserve. The language in the bill now says “the Fed shall tailor the rules for the biggest banks”, instead of may.

“That one word change will allow the banks to sue the Fed if they don’t weaken the rules the way the banks want,” Warren said. “And that pressure on the Fed will lead to a systematic weakening of the rules for all the big banks.

“This may be the single most dangerous provision in the bill and it applies only to the biggest Wall Street banks.”

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5 Responses to “Sixteen Senate Democrats Support Wall Street, Senator Warren Fights”

  1. 1
    Archie Says:

    Archie
    No surprise really. The banks own the politicians. Democrats, Republicans, Tories, New Labour are just PR agencies for the corporate oligarchy.

    In 2008 there was an opportunity to liquidate or at least regulate the too big to fail banks out of existence.
    Instead 700 billion dollars from the public purse was handed over to these criminals. Then billions of dollars in QE was generated to prop up basically insolvent organisations. Oh and don’t forget international accounting rules were changed in March 2009 to replace Mark to Market accounting with Mark to Fantasy accounting so banks could invent the figures on their balance sheet without reference to actual market values.

  2. 2
    Ed Miser Says:

    This is not free market capatalism but corporate feudalism.
    Well it was only matter of time before the withdrawal symptoms of not being able to make obscene amounts of money at incredible high risks to the economy proved too much for the right wing wolves. Disappointing that some moral-free, cowardly Dems have joined the salivating pack. Hello recession, my old friend.

  3. 3
    Doug Sloan Says:

    President Obama took the side of Wall Street and gave Warren a watered down role in banking regulations. You reap what you sow. Also, how does someone in a government position become worth over 100 million dollars while serving the “public”? I mean we expect this from Republicans right, but what about Dems like Nancy Pelosi? From OpenSecrets.org
    Nancy Pelosi ranks 6th in the House with an estimated net worth* of $101,273,024 in 2014.
    That’s just sick! Party of the people my ass!

  4. 4
    David Win Says:

    The only thing we learn from history is that we never learn from history. Warren is absolutely right to fight against this. She should also be the next president.

  5. 5
    Okie Says:

    The world is run by lobbyists and the minorities they represent,
    There is no answer to this behaviour until a political partie has to get the ‘volentry’ support of 51% of the adults resident in the nation that the so called democratic system claims to represent.

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