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(Boston Herald)   Elizabeth Warren: "If these banks are 'too big to fail', why on earth are we giving them discounts and sweet deals on everything?" Ben Bernanke: "Uh...we're working on that"   (bostonherald.com) divider line 83
    More: Asinine, Federal Reserve Chairman Ben Bernanke, discount rates, senate banking committee, Public Citizen  
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2921 clicks; posted to Politics » on 27 Feb 2013 at 11:09 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-27 10:33:05 AM  
Let's hope Elizabeth Warren gets a lot of good work done without being co-opted or having a small plane accident.
 
2013-02-27 10:34:57 AM  

Therion: Let's hope Elizabeth Warren gets a lot of good work done without being co-opted or having a small plane accident.


So far so good. I'm glad I voted for her

/also has more/better headlines than Brown did at this point in his Senate career
 
2013-02-27 10:40:51 AM  
Glad to see she would have been against the bailout.
 
2013-02-27 10:42:54 AM  

I_C_Weener: Glad to see she would have been against the bailout.


I'm not sure it's the entire bailout that she'd be against, just the idea that these banks were called "too big to fail" and yet we give them all these perks for farking shiat up
 
2013-02-27 11:12:56 AM  

somedude210: I_C_Weener: Glad to see she would have been against the bailout.

I'm not sure it's the entire bailout that she'd be against, just the idea that these banks were called "too big to fail" and yet we give them all these perks for farking shiat up


I tend to see her as against the bailout AS IT WAS IMPLEMENTED...
 
2013-02-27 11:13:35 AM  
Yes, but she said she was an Indian or something so the banks should be allowed to do whatever they want
 
2013-02-27 11:14:09 AM  
Ummmm, so they do not fail????
 
2013-02-27 11:14:56 AM  
I thought Dodd-Frank solved all these problems? Isn't that what Obama has been saying.

We need more Senators like Elizabeth Warren.
 
2013-02-27 11:15:11 AM  
I less than three my senior senator so much.
 
2013-02-27 11:16:09 AM  
I like the cut of her jib.  We'll see how much power she really has.  Not that I believe the intent is to fix "too big to fail", of course...
 
2013-02-27 11:16:42 AM  

what_now: I less than three my senior senator so much.


So two?  I don't get it.
 
2013-02-27 11:16:57 AM  
break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.
 
2013-02-27 11:17:40 AM  

JusticeandIndependence: what_now: I less than three my senior senator so much.

So two?  I don't get it.


<3
 
2013-02-27 11:19:02 AM  
oh and put a surtax on transfers to stop all this microsecond trading by computer algorithms.
 
2013-02-27 11:19:49 AM  

I_C_Weener: Glad to see she would have been against the bailout.


I think she would have been in the receivership crowd.  Keep the banks as financial institutions, but have the treasury take them over, break them apart, and fire all the management.  Then, once they are functional again, sell them back to the private market.
 
2013-02-27 11:21:45 AM  
Sen. Warren does not understand. When people say they are "too big to fail" they mean we cannot let them fail. That's why they need special treatment and bailouts.
 
2013-02-27 11:22:31 AM  
I love reading the comments of the Boston Herald readership.  They are special.
 
2013-02-27 11:22:45 AM  

Hobodeluxe: bring back Glass -Stegall


This would go a long long way.
 
2013-02-27 11:22:48 AM  

Hobodeluxe: JusticeandIndependence: what_now: I less than three my senior senator so much.

So two?  I don't get it.

<3


It-apostrophe-s much more clever when it-apostrophe-s spelled out.
 
2013-02-27 11:22:51 AM  
let's create an incentive program for SEC regulators. like they do with cops who make drug busts. you get to keep a percentage of the fines you can collect. and bonuses for criminal convictions of these thieves.
 
2013-02-27 11:23:44 AM  

Saiga410: Ummmm, so they do not fail????


There was a time, in recent US History, when no government agency had the authority to break up a failing bank that was chartered as an Investment Bank. Now, this is important, so pay attention...with the overhaul of banking regulations in Gramm-Leach-Bliley legislation of 1998 and the rescinding of the legal separation between Investment banking, Deposit (savings) Banking and Mortgage banking, the need to have this kind of authority became painfully obvious when the mega banks, which became chartered as all 3 kinds of banks, all showed themselves as insolvent, with no legal authority in America to perform an orderly breakup of these insolvent mega banks.

THIS is why the bailout became a necessity. A disorderly bankruptcy and dissolution of these mega banks would have created far greater economic chaos than that which the world saw in 2007-2008.

So, yes, it was important that these mega banks NOT go into bankruptcy.

However, backstopping and guaranteeing the shiatty mortgages at the heart of the bank's insolvency as opposed to buying up the fraudulent securities would ave been a far more efficient way to protect the economy.

But then that douchebag Santelli on CNBC gave his rant and the idea of protecting homeowners (backstopping the mortgages) was tossed aside forever
 
2013-02-27 11:25:11 AM  

GoldSpider: Hobodeluxe: JusticeandIndependence: what_now: I less than three my senior senator so much.

So two?  I don't get it.

<3

It-apostrophe-s much more clever when it-apostrophe-s spelled out.


2 clever by /2
 
2013-02-27 11:25:43 AM  

Hobodeluxe: let's create an incentive program for SEC regulators. like they do with cops who make drug busts. you get to keep a percentage of the fines you can collect. and bonuses for criminal convictions of these thieves.


Kind of like "bust a white collar crook, keep his stuff"? I like it.
 
MFK
2013-02-27 11:25:46 AM  
the comments are awesome. The Herald has conditioned its readers to HATE HATE HATE Elizabeth Warren so it is freakin' amusing to no end to watch these guys try and disparage her even though she is acting in their interests FOR them. The mental gymnastics they have to go through are super impressive.
 
2013-02-27 11:27:35 AM  

MFK: the comments are awesome. The Herald has conditioned its readers to HATE HATE HATE Elizabeth Warren so it is freakin' amusing to no end to watch these guys try and disparage her even though she is acting in their interests FOR them. The mental gymnastics they have to go through are super impressive.


The Herald is a joke.  Though I'm sure they have a lot more columnists now that 96.9 WTKK went under.  Oh that was a sweet farking day.
 
2013-02-27 11:28:01 AM  

More_Like_A_Stain: Hobodeluxe: let's create an incentive program for SEC regulators. like they do with cops who make drug busts. you get to keep a percentage of the fines you can collect. and bonuses for criminal convictions of these thieves.

Kind of like "bust a white collar crook, keep his stuff"? I like it.


yeah you get to keep the amount of his last bonus.
 
2013-02-27 11:29:36 AM  
upload.wikimedia.org

sphotos-b.xx.fbcdn.net
 
2013-02-27 11:30:40 AM  

Hobodeluxe: break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.


ban derivatives? LOL. turn a $140 trillion dollars to nothing overnight? I hope you are ready for the global depression that follows.

the SEC has repeatedly been denied funding to expand its operations, hire qualified people (it hasn't been able to replace anyone that left in the past 3 years), and invest in the IT systems it needs to work properly. the agency is operating at 15%-20% under its requested budget.

there was an attempt to make the SEC partially self-funded under Dodd-Frank, but that provision was recently killed.

in sequestration, the SEC loses another 8.5% of its budget...its one of the agencies that suffers the most.
 
2013-02-27 11:31:49 AM  
I can fap to that.
 
2013-02-27 11:32:12 AM  

FarkedOver: The Herald is a joke.


"Let me say, people will advise me, sometimes, to be more judicious and sometimes I will be. But, with the election of all ten Democratic Congressmen, it appears, and Governor Patrick, one of the things we can acknowledge tonight is that Massachusetts has reaffirmed the complete political irrelevance of the Boston Herald". - Barney Frank
 
2013-02-27 11:33:53 AM  

Hobodeluxe: More_Like_A_Stain: Hobodeluxe: let's create an incentive program for SEC regulators. like they do with cops who make drug busts. you get to keep a percentage of the fines you can collect. and bonuses for criminal convictions of these thieves.

Kind of like "bust a white collar crook, keep his stuff"? I like it.

yeah you get to keep the amount of his last bonus.


Not good enough. I want to keep the house, the boat, and the car he bought with money that was a "result of his illegal activities". And just like in drug cases, that means all of the money received while the activities were ongoing, regardless of whether it may have resulted from legal activity or not.
 
2013-02-27 11:34:56 AM  

dumbobruni: Hobodeluxe: break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.

ban derivatives? LOL. turn a $140 trillion dollars to nothing overnight? I hope you are ready for the global depression that follows.

the SEC has repeatedly been denied funding to expand its operations, hire qualified people (it hasn't been able to replace anyone that left in the past 3 years), and invest in the IT systems it needs to work properly. the agency is operating at 15%-20% under its requested budget.

there was an attempt to make the SEC partially self-funded under Dodd-Frank, but that provision was recently killed.

in sequestration, the SEC loses another 8.5% of its budget...its one of the agencies that suffers the most.


This is another reason I should run the country. I'd staff the SEC entirely with hardcore Communists, who had the requisite skills/knowledge. And equip them with whatever tools they needed/wanted, inlcuding Madam Guillotine. Then set them to work, and watch Wall St. burn.
 
2013-02-27 11:36:31 AM  

what_now: I less than three my senior senator so much.


Agreed... So far, so good. Still very happy I voted for her.

I hope she continues to put the screws to these folks and actually manages to get something good done.

Still haven't decided on the special election to fill Kerry's seat... It sure as hell isn't going to be anyone on the Republican ballot, though. : )
 
2013-02-27 11:36:52 AM  

Hobodeluxe: break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.


Also, more agile regulators that can see through how the banks create new ways to siphon as much money out of rubes as possible.

//A guy can dream, can't he?
 
2013-02-27 11:40:24 AM  

keylock71: Still haven't decided on the special election to fill Kerry's seat...


Uggh, thanks for the visual. Now I can skip lunch.
 
2013-02-27 11:40:59 AM  

More_Like_A_Stain: keylock71: Still haven't decided on the special election to fill Kerry's seat...

Uggh, thanks for the visual. Now I can skip lunch.


I like that's where your mind went first, though... : )
 
2013-02-27 11:43:42 AM  

keylock71: More_Like_A_Stain: keylock71: Still haven't decided on the special election to fill Kerry's seat...

Uggh, thanks for the visual. Now I can skip lunch.

I like that's where your mind went first, though... : )


Like a finely tuned machine   ; )
 
2013-02-27 11:44:10 AM  

meat0918: Hobodeluxe: break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.

Also, more agile regulators that can see through how the banks create new ways to siphon as much money out of rubes as possible.

//A guy can dream, can't he?


the CFTC and the SEC should be merged. Most investment firms trade a variety of instruments, why have separate regulators? all one is doing is increasing the risk of regulatory arbitrage - new products are created that blur the lines between the agencies. a great example: credit futures - futures on credit default swaps.
 
2013-02-27 11:44:23 AM  
Too Big to Fail === Too Big to Exist.

Pretty simple concept, IMHO. Since failure cannot be prevented with certainty, you hedge against eventual failure by making the system more robust with redundant and independent components. I say bust 'em up.
=Smidge=
 
2013-02-27 11:49:25 AM  
God I hope this woman runs for president some day.
 
2013-02-27 11:50:57 AM  

X-boxershorts: A disorderly bankruptcy and dissolution of these mega banks would have created far greater economic chaos than that which the world saw in 2007-2008.


That said, the bank bailout is a major contributer to the deficit and the current push for austerity. (Not only are bailouts and austerity linked but that link can be observed throughout history.Its well document in Reinhart and Rogoff's book "This Time its Different")

We may come to realize that the  "the greater economic chaos" wasn't avoided by bailing out the banks but postponed to a future date. If that comes to pass we will regret not putting the structure in place to allow for an orderly breakup.

//My inner cynic predicts nationalization instead of an orderly breakup.
//I just don't think the public could stomach another large bailout.
 
2013-02-27 11:51:30 AM  

dumbobruni: Hobodeluxe: break them up. bring back Glass -Stegall. ban derivatives. fire everyone at the SEC and replace them with someone who will do their damn jobs.

ban derivatives? LOL. turn a $140 trillion dollars to nothing overnight? I hope you are ready for the global depression that follows.



Ban derivatives  from banking institutions. If investment firms want to gamble with their clients money, fine, but that is not the function of banks. Allowing them to be involved in what is essentially a giant Martingale betting strategy was the definition of stupid.
 
2013-02-27 11:52:57 AM  

Trivia Jockey: God I hope this woman runs for president some day.


Down the road? Sure.

But I want her to be my Senator for a while before that happens.
 
2013-02-27 11:57:04 AM  
If they're too big to fail, they need to be split.

Also, until the assholes who created this crisis are stripped of the fortunes they made and thrown in jail, I don't believe the US government is really serious about doing anything except grandstanding.
 
2013-02-27 11:59:07 AM  

X-boxershorts: Saiga410: Ummmm, so they do not fail????

There was a time, in recent US History, when no government agency had the authority to break up a failing bank that was chartered as an Investment Bank. Now, this is important, so pay attention...with the overhaul of banking regulations in Gramm-Leach-Bliley legislation of 1998 and the rescinding of the legal separation between Investment banking, Deposit (savings) Banking and Mortgage banking, the need to have this kind of authority became painfully obvious when the mega banks, which became chartered as all 3 kinds of banks, all showed themselves as insolvent, with no legal authority in America to perform an orderly breakup of these insolvent mega banks.

THIS is why the bailout became a necessity. A disorderly bankruptcy and dissolution of these mega banks would have created far greater economic chaos than that which the world saw in 2007-2008.

So, yes, it was important that these mega banks NOT go into bankruptcy.

However, backstopping and guaranteeing the shiatty mortgages at the heart of the bank's insolvency as opposed to buying up the fraudulent securities would ave been a far more efficient way to protect the economy.

But then that douchebag Santelli on CNBC gave his rant and the idea of protecting homeowners (backstopping the mortgages) was tossed aside forever


After offering up a rationale assessment/analysis you decide that the only person needing to be called out and insulted by name, is Joe Santelli?
 
2013-02-27 12:03:01 PM  
What Warren is suggesting is simply that when a bank achieves a "too big to fail" status that they then pay a higher rate at the discount window.

This is, in effect, a tax on systemically critical institutions due to the special nature of the impact they have on the economy.  This sounds like a great idea to me, and I say that as someone who works for a big bank.
 
2013-02-27 12:03:42 PM  
How long until she gets Wellstoned?
 
2013-02-27 12:04:29 PM  

Zeb Hesselgresser: After offering up a rationale assessment/analysis you decide that the only person needing to be called out and insulted by name, is Joe Santelli?


Santelli is taking credit for the rise of the uninformed and misinformed, so...in that regard, to the dumbing down of the plebes in all things economic, he deserves calling out.

But there were also forces in congress and the Fed as well as the SEC and CFTC and Wall St that should be hung. Phil and Wendy Gram, Bob Rubin, Hank Paulson come immediately to mind...

But my point was more to the failures of the bailout, not the crash that precipitated it. And Santelli has publicly taken credit for changing the direction the bailout was initially taking, so YES
 
2013-02-27 12:15:30 PM  

Zeb Hesselgresser: Joe Santelli?


Is that Rick Santelli's brother?

Anyways,

Having homeowners suffer for their "mistakes" (By the way "forced error" or "conned" would be more apt) is the outcome of an ideology thats widespread in the states. The ideology states that you should "Never help the losers because its all their fault anyways." Some connect it back to the puritan fascination with suffering and the countries origin. Others connect it to a mix of randian philosophy and economic Darwinism.

It is probably more effective to attack the ideology instead of its proponents who are too numerous to list.
 
2013-02-27 12:16:23 PM  

Hobodeluxe: JusticeandIndependence: what_now: I less than three my senior senator so much.

So two?  I don't get it.

<3


I reclining woman with a dunce cap pulled over her head?
 
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