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(Politico)   Elizabeth Warren may have been playing to the wrong crowd. It's not the Federal Congress that wants to break up banks, it's the various state Congresses that do   (politico.com) divider line 94
    More: Hero, congresses, Illinois State, National Conference of State Legislatures, exploratory committee, Dodd-Frank  
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1630 clicks; posted to Politics » on 14 Aug 2013 at 7:23 AM (47 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-08-14 07:26:31 AM
I'd Fark Elizabeth Warren with Hillary's dick.
 
2013-08-14 07:27:35 AM
I didn't know that Indians knew anything about banking.
 
2013-08-14 07:30:09 AM

SpankMeJohnny: I didn't know that Indians knew anything about banking.


They do know a lot about casinos, though.  Which is essentially what Wall Street is.
 
2013-08-14 07:32:34 AM
Prosecuting bank officers and tossing them in PMITA prison will be a lot more effective than breaking the banks up.
 
2013-08-14 07:35:42 AM
She wants to do what, take us back to the depression? Ah those were the days.
 
2013-08-14 07:37:36 AM

oryx: She wants to do what, take us back to the depression? Ah those were the days.


lolwut.jpg
 
2013-08-14 07:39:02 AM
No shiat

It would be a major boon for states rights to not be under such influence of banks from other states
 
2013-08-14 07:41:52 AM

oryx: She wants to do what, take us back to the depression? Ah those were the days.


Sorry, we didn't elect Romney. No depression for you!
 
2013-08-14 07:43:09 AM
The banks gotta be saying "bless there hearts".
 
2013-08-14 07:43:30 AM

cman: No shiat

It would be a major boon for states rights to not be under such influence of banks from other states


My mind is reeling.. what would be the upside of any of that?  Different currencies in different states?  Or just different ways to rip off customers in different states?
 
2013-08-14 07:44:59 AM

wooden_badger: Prosecuting bank officers and tossing them in PMITA prison will be a lot more effective than breaking the banks up.


No, it wouldn't, because they have an infinite supply of vice presidents to take the fall.
 
2013-08-14 07:46:11 AM
Somebody give this woman a blanket. She looks a little cold.

/That'll shut her pie hole once the virus kicks in.
 
2013-08-14 07:47:13 AM

Alphax: cman: No shiat

It would be a major boon for states rights to not be under such influence of banks from other states

My mind is reeling.. what would be the upside of any of that?  Different currencies in different states?  Or just different ways to rip off customers in different states?


It would be economic suicide to have 50 different currencies in our own country.

Which currency would dominate? Will those who have shiat currencies turn into third world countries?
 
2013-08-14 07:47:57 AM

cman: Alphax: cman: No shiat

It would be a major boon for states rights to not be under such influence of banks from other states

My mind is reeling.. what would be the upside of any of that?  Different currencies in different states?  Or just different ways to rip off customers in different states?

It would be economic suicide to have 50 different currencies in our own country.

Which currency would dominate? Will those who have shiat currencies turn into third world countries?


Exactly.
 
2013-08-14 07:48:19 AM

Alphax: Different currencies in different states?


You do realize that banks don't actually print currency, right?
 
2013-08-14 07:48:24 AM
Lawmakers in at least 18 states have introduced resolutions this year calling on Congress to split up banking giants by putting back in place a wall between commercial banking, taking deposits and making loans, and investment banking, the world of traders and deal-makers.

Yeah, good luck with that.
 
2013-08-14 07:48:54 AM

johnryan51: The banks gotta be saying "bless there

they're hearts".

Peave pest.
 
2013-08-14 07:49:26 AM

Dinki: Alphax: Different currencies in different states?

You do realize that banks don't actually print currency, right?


You never heard of the Federal Reserve, have you?
 
2013-08-14 07:52:06 AM
Aw, are the wittle "Fark Independents" in this thread still upset over Warren winning?  I have never once seen a successful argument against Warren's ideas.  In fact, 90% of the anti-Warren comments are Indian jokes (yes, a loose classification, most aren't even all that clever).  I actually find it refreshing that the whole Indian avenue is the only way that farking morons are able to get their claws into hating Warren.  Stay classy, Republicans.
 
2013-08-14 07:53:08 AM

cman: You never heard of the Federal Reserve, have you?


You aren't really comparing the fed to the private banks are you?
 
2013-08-14 07:53:57 AM

Dinki: cman: You never heard of the Federal Reserve, have you?

You aren't really comparing the fed to the private banks are you?


You do realize that the Federal Reserve is a bank, right?
 
2013-08-14 07:54:51 AM

cman: Dinki: cman: You never heard of the Federal Reserve, have you?

You aren't really comparing the fed to the private banks are you?

You do realize that the Federal Reserve is a bank whose ownership is from private and public entities, right?


GAH I cannot be descriptive today

Fixt
 
2013-08-14 07:55:08 AM

SpankMeJohnny: I didn't know that Indians knew anything about banking.


You haven't heard the radio ads for the "Indian business operating within the confines of the XXYY reservation", offering you signature loans at the low low rate of 30% APR?
 
2013-08-14 07:56:07 AM

cman: Dinki: cman: You never heard of the Federal Reserve, have you?

You aren't really comparing the fed to the private banks are you?

You do realize that the Federal Reserve is a bank, right?


It's the central bank of the US. And as such has nothing to do with the conversation. But thanks for playing!
 
2013-08-14 08:03:01 AM
"If you look at the companies that collapsed - AIG, Bear Stearns and Lehman Brothers - Glass-Steagall wouldn't have affected them but other forms of reform would have," Sen. Chuck Schumer (D-N.Y.), a member of Senate leadership, said in a brief interview.

Wait...Schumer gave a brief interview? How many tranq darts did it take before he let go of the microphone?
 
2013-08-14 08:22:53 AM

cman: Dinki: Alphax: Different currencies in different states?

You do realize that banks don't actually print currency, right?

You never heard of the Federal Reserve, have you?


And when I come back, and bust your ass, we're locking David Ershon in the federal reserve!
 
2013-08-14 08:25:19 AM
OK, am I the only one bothered by "state Congresses"?
 
2013-08-14 08:25:43 AM

KyngNothing: SpankMeJohnny: I didn't know that Indians knew anything about banking.

You haven't heard the radio ads for the "Indian business operating within the confines of the XXYY reservation", offering you signature loans at the low low rate of 30% APR?


30% is a bargain if you compare that to Western Sky. Their lowest APR is 89.68% on a 84 month term. 342.86% for 12 months.
 
2013-08-14 08:28:24 AM
Outside the "independent" circlejerk, no one cares about the Indian shiat.  Of course, you don't realize this, otherwise you wouldn't be surprised at her winning the Senate seat and her popularity.
 
2013-08-14 08:45:55 AM

buttcat: KyngNothing: SpankMeJohnny: I didn't know that Indians knew anything about banking.

You haven't heard the radio ads for the "Indian business operating within the confines of the XXYY reservation", offering you signature loans at the low low rate of 30% APR?

30% is a bargain if you compare that to Western Sky. Their lowest APR is 89.68% on a 84 month term. 342.86% for 12 months.


Can I pay them in beads and firewater? Hmm... maybe I should call up and ask them...
 
2013-08-14 08:54:52 AM

Angry Drunk Bureaucrat: OK, am I the only one bothered by "state Congresses"?


No, that was bugging me too.
 
2013-08-14 08:57:16 AM

Angry Drunk Bureaucrat: OK, am I the only one bothered by "state Congresses"?


You can have Congress in Washington. You can have congress with the beast. But you can't have state Congresses, just state legislatures.
 
2013-08-14 08:59:00 AM

cman: No shiat

It would be a major boon for states rights to not be under such influence of banks from other states


That's one of the problems about states rights in the 21st century. Back in the 18th, states were more or less confined to their own affairs, and most in state business and baking was conducted, owned, and operated by in state company and owners. They were a bit more "independent" than they are now (I don't just mean in regards to federal v state power, either)

But now, businesses and banks have global reach and can pretty much ignore national borders when it comes to conducting business. Within the country, there is virtually no limit on what the businesses and banks can do, because the state lines mean virtually nothing to an entity like JPMorgan or AIG.
 
2013-08-14 09:06:19 AM

Angry Drunk Bureaucrat: OK, am I the only one bothered by "state Congresses"?


Thank you! Came here for this
 
2013-08-14 09:26:53 AM

Aarontology: No, that was bugging me too.


Wellon Dowd: But you can't have state Congresses, just state legislatures.


OceanVortex: Thank you! Came here for this


Good. I was getting worried there.
 
2013-08-14 09:28:33 AM

Shakin_Haitian: Outside the "independent" circlejerk, no one cares about the Indian shiat.  Of course, you don't realize this, otherwise you wouldn't be surprised at her winning the Senate seat and her popularity.


If you work at JP Morgan and your ability to risk client capital against bad bets and have it insured bu the govt it is about all you have to knock her down a peg.
 
2013-08-14 09:45:52 AM
I believe it is every American's duty to give Elizabeth Warren oral pleasure on command.

We owe her that much at least.
 
2013-08-14 09:46:26 AM
Because state legislatures have populist grandstanders too.

Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.
 
2013-08-14 09:51:48 AM

Perlin Noise: I believe it is every American's duty to give Elizabeth Warren oral pleasure on command.

We owe her that much at least.


Hell, I'm Canadian and I believe that to be true.  We have a similar provision in our banking laws to Glass Steagall, it's one of the big reasons Canada didn't get hit as hard as the US during the big global economic disaster.  If the US wasn't our largest trading partner, we probably would have done even better.
 
2013-08-14 09:55:24 AM

wooden_badger: Prosecuting bank officers and tossing them in PMITA prison will be a lot more effective than breaking the banks up.


Why Not BOTH?
 
2013-08-14 09:56:32 AM

Debeo Summa Credo: Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.


I think of Glass Steagall as a seat belt.  Yes, when you're wearing it, it's more difficult to do things like grab something from the back seat, but you should be doing that while you're driving anyhow.  However, in a crash, it might just be the thing that saves your life.

You're correct that Glass Steagall alone wouldn't have prevented the global meltdown.  But the fact that billion dollar companies glibly defrauded the world in an attempt to profit suggests that Wall St must be regulated and put under a microscope to prevent the kind of "credit default swap" tom foolery that made this recession so far reaching and toxic.

I think a little bit of hassle for an industry that does hundreds of millions of dollars a day in profit is a good trade for some public economic safety.
 
2013-08-14 09:57:33 AM

Debeo Summa Credo: Because state legislatures have populist grandstanders too.

Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.


Hmm, you sound... indoctrinated.

Personally, I think that another "too big to fail" crash would possibly be a little more detrimental. Also, correct me if I am wrong, how many "near depressions" did we have while glass steagall was in place again? My understanding is, none.

The banks are gambling with YOUR money ...and if they lose their bets, you are left holding the bill. I'm not sure I understand how you can think that changing that is a bad idea. You see, we are talking about, not making "smaller" banks, but splitting their gambling away from your money.

I am guessing you also think that unlimited campaign contributions by corporations is also a good idea and rich people magically "make jobs".
 
2013-08-14 09:57:46 AM

Debeo Summa Credo: Because state legislatures have populist grandstanders too.

Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.


There's a lot of big assertions there without much to back them up.
 
2013-08-14 10:03:07 AM
bleep blorp oligarch defender bot deployed
 
2013-08-14 10:05:07 AM

verbal_jizm: There's a lot of big assertions there without much to back them up.


He doesn't need to back them up, he just knows he's right.
 
2013-08-14 10:07:38 AM

verbal_jizm: Debeo Summa Credo: Because state legislatures have populist grandstanders too.

Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.

There's a lot of big assertions there without much to back them up.


The unsupported assertions are those who believe glass steagall would have prevented the crisis, not mine or anyone else who acknowledges that glass steagall woudnt have prevented the crisis, including Chuck Schumer, Matthew iglesias, etc., etc.
 
2013-08-14 10:08:21 AM

Alphax: cman: No shiat

It would be a major boon for states rights to not be under such influence of banks from other states

My mind is reeling.. what would be the upside of any of that?  Different currencies in different states?  Or just different ways to rip off customers in different states?


This isn't about currency at all. Let me give you a small example. Pre 2008 crash many States passed rules governing payday loans. The loan companies got the federal government to step in and stop enforcement under the idea that federal banking rules overrode these regulations. Post 2008 the fed has backed off and is allowing some rules from the States, but still is pretty controlling in what regulations are allowed.
 
2013-08-14 10:11:32 AM

cman: Dinki: cman: You never heard of the Federal Reserve, have you?

You aren't really comparing the fed to the private banks are you?

You do realize that the Federal Reserve is a bank, right?


You do realize that the Federal Reserve does not print currency, the Bureau of Engraving and Printing in the Treasury Department does that. see  http://www.bep.treas.gov/
 
2013-08-14 10:15:28 AM

Debeo Summa Credo: The unsupported assertions are those who believe glass steagall would have prevented the crisis, not mine or anyone else who acknowledges that glass steagall woudnt have prevented the crisis, including Chuck Schumer, Matthew iglesias, etc., etc.


Oh look, more right wing lies. The reason Glass Steagall wouldn't have prevented it is because starting in the 80s congress was gutting the provisions of the bill that would prevent it. But don't let that get in the way of your revisionism.
 
2013-08-14 10:19:28 AM

Mercutio74: Debeo Summa Credo: Warren knows full well that breaking up the banks, or reinstating glass steagall at this point would be detrimental to the economy. She also knows (as does everybody else with half a clue) that glass steagall or smaller banks wouldny have prvented the recession or financial crisis. But she plays it up because it wins points with idiots who don't understand finance or the economy.

I think of Glass Steagall as a seat belt.  Yes, when you're wearing it, it's more difficult to do things like grab something from the back seat, but you should be doing that while you're driving anyhow.  However, in a crash, it might just be the thing that saves your life.

You're correct that Glass Steagall alone wouldn't have prevented the global meltdown.  But the fact that billion dollar companies glibly defrauded the world in an attempt to profit suggests that Wall St must be regulated and put under a microscope to prevent the kind of "credit default swap" tom foolery that made this recession so far reaching and toxic.

I think a little bit of hassle for an industry that does hundreds of millions of dollars a day in profit is a good trade for some public economic safety.


You are close. Glass steagall is more of a straight jacket that would prevent us firms from competing with those from elsewhere in the globe, who have no artificial restrictions, hurting our competitiveness and our economy.

It is popular among the ignorant (not you speciically, but anyone who gets their finance news from rolling stone or slate or whatever) to attempt to find a scapegoat for their problems, and many in the US have falsely blamed the entire fiasco on big banks, but the underlying problem was a real estate bubble. Did wall street and big banks play a role in that? You bet, but so did Fannie and Freddie, who continued to lend more ande more into the mortgage market in the face of a bubble, the federal reserve, who kept rates too low for too long, investors who kept putting more money in mortgage finance, rating agencies, and anyone who bought a house between about 2004-2007. None of these parties foresaw a 35% nationwide decline in housing prices.

I know it feels good to blame a scapegoat for problems you don't understand, but the sad fact is it was debt fueled real estate bubble that caused the crisis and recession, not some nefarious trader or CDS contract.
 
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