Of all the accomplishments Elizabeth Warren has amassed during her lifetime, one of the most impressive is also one of the least well-known to the general public. Warren was a co-founder of Credit Slips, a very technical, influential blog on banking and bankruptcy. more »
It's been apparent for several weeks that the Wall Street reform bill will not cut down the largest U.S. banking behemoths to a safe and manageable size. But individual oversized banks are not the only problem Big Finance poses to the economy—the overall sector is much too large, and if we do not shrink it, we'll be dealing with difficult economic conditions for years to come. more »
Thursday night's passage of Wall Street reform by the U.S. Senate is an event to be celebrated, but several key issues remain in play as the House and Senate seek to iron out differences between their respective versions of the legislation. more »
The most courageous vote yesterday in the Senate was cast by Sen. Maria Cantwell, D-Wash., who refused to let the Senate sign-off on an unnecessarily weak Wall Street reform bill. Cantwell has been trying to fix a fatal loophole in the derivatives language which prevents regulators from enforcing new rules on the secretive shadow markets that brought down AIG. more »
Some version of Wall Street reform is going to pass the Senate this week. The question now is how strong that reform will be. There are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business. We will not fix Wall Street with this round of legislation, but we can reduce taxpayer exposure to bailouts and rein in consumer banking abuses. more »
The top Republican fundraiser in the Senate, Sen. John Cornyn of Texas, just gave a preposterous speech on Wall Street reform in which he pushed the plan recently promoted recently by disgraced J.P. Morgan Economist James Glassman. more »
There are two consumer protection amendments getting serious attention on the Senate floor this week, one of them positive, one of them incredibly destructive. Both revolve around the concept of "preemption"—the ability of federal regulators to block states from enforcing laws aginst banks that operate within their borders. more »
The Senate approved an amendment from Sen. Bernie Sanders, I-Vt., that would subject the Federal Reserve's bailout operations to a one-time audit. The vote was 96 - 0 in favor of the measure. more »
Late last night, the U.S. Senate rejected the single most important element of Wall Street reform by a vote of 33 to 61. The SAFE Banking Act would have forced the break-up of the nation's six largest banks, and dramatically reduced the political clout of America's financial elite. The 61 votes against the measure are votes in favor of Wall Street's stranglehold on our economy. more »
Delicious
Digg
StumbleUpon
Propeller
Reddit
Magnoliacom
Newsvine
Furl
Facebook
Google
Yahoo
Technorati
