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View Diary: Elizabeth Warren warns of perils in 'Wall Street shuffle' (52 comments)

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  •  Some of Senator Warren's ideas, (4+ / 0-)
    Recommended by:
    blueoasis, elwior, Sandino, jabney

    and then what poison pills went along with it?

    I've never heard anybody without a stake in the Wall Street dominance status quo who said the law would actually stop what went wrong with the Banksters.

    In fact, the opposite.

    Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

    by Jim P on Fri Jan 25, 2013 at 12:56:01 PM PST

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    •  "Poison pills"? Are you implying Democrats (1+ / 0-)
      Recommended by:
      alice kleeman

      intentionally wrote escape clauses for banks in Dodd-Frank?

      Back it up or that is whacky CT.

      And back it with actual language - not some yellow journalist like Taibbi.  

      "The way to see by faith is to shut the eye of reason." - Thomas Paine

      by shrike on Fri Jan 25, 2013 at 01:04:56 PM PST

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      •  SIFMA loves it. (3+ / 0-)
        Recommended by:
        orlbucfan, Jim P, jabney

        If the top Wall Street lobbying group loves it, well, it can't be that good for us.

        And it enshrines "too big to fail" into law. By extension, too big to fail is also too big to prosecute.

        Professor David Skeel of the University of Pennsylvania Law School claims that the two main problems with Dodd-Frank are  “(1) government partnership with the largest financial institutions and (2) ad hoc interventions by regulators rather than a more predictable, rule-based response to crises.”

        More from Skeel can be found in his book: The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences.

        Dodd-Frank harms small banks, community banks, and credit unions by making compliance difficult and uncertain, while helping the largest banks by allowing them to borrow money at lower rates.

        Regulatory agencies in charge of overseeing this complex bill claim they don't have nearly the budget or manpower to enforce it. As it allows regulators much leeway and discretion in enforcement, it is also ripe for regulatory capture.

        In short, while it does some good, it is by no means a perfect bill.

      •  The dishonest often resort to "CT" (1+ / 0-)
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        when they are desperate. Surely you're not nearly as stupid as you portray yourself: you think it's whacky that Bankers influence legislation in their favor?

        That they didn't have legions of lobbyists working with Congressional business partners, er, recipients of campaign funds, to water down the original bill to the point there's not a serious non-Wall Street economist on earth who says Dodd-Frank actually fixed our problems?

        Really? Really?


        Man, can you not read? Or were you not in touch with our solar system for a few years?

        You can look up Simon Johnson, Joseph Stiglitz, Neal Barofsky, the former SEC Commissioner Roberta Kamel, Fed Board President Richard Fisher, even Elizabeth Warren on how the bill was watered down....

        You're going to tell us this happened by magic?

        btw, you try to smear Taibbi, so as to remove the most concise detailing of evidence, but nobody has refuted anything he's written. Again, smear is the tactic of the dishonest. Funny how it's you who ends up looking all slimey.

        Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

        by Jim P on Fri Jan 25, 2013 at 06:16:30 PM PST

        [ Parent ]

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