Skip to main content

I’ve found an interesting and novel way to end Wall Street bailouts, and prove once and for all that no bank is “too big to fail.”  And I need your help. This is a bit complex, but I think you'll find that this is a unique opportunity for you and me to make a difference.

Here's the story:

Recently, federal bank regulators proposed a new rule that would place strong new restrictions on the eight biggest banks in the country. Right now, these banks and their risky ventures are in essence subsidized by the taxpayers, because their own lenders believe that the taxpayers will bail out these banks if they go broke.  Wall Street bankers rake in big bonuses by playing a game of chance – heads, they win; tails, we lose.

The new rule says that these banks need to maintain a larger buffer to cover their speculative bets, to make sure that they don't gamble with our money. JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street would have to put up $89 billion to guard against unforeseen losses.  This would make the banks much safer. And after the 2008 wipeout, which destroyed 20% of America’s net worth in 18 months, that's a good thing.

Before this rule can go into effect, there's a comment period during which bank regulators have to invite feedback from the public. Often, this period is dominated by big bank lobbyists, who whine incessantly against whatever they don't like. And in this case, Wall Street already has mobilized its Republican hirelings in Congress to go on the attack against this rule, because they don't think that the public is paying attention.

But some of us are paying attention. Congressman John Conyers and I have written a letter asking the government to enforce this new rule. Not only do we want it enforced, but we want to make it even stronger!

That's where you come in.

We need you to join us.

We'd like you to co-sign our letter. Tell the government that big banks on Wall Street shouldn't gamble with your money.

Your support matters – it demonstrates that the public is weighing in, and it gives the government regulators the spine to stand up to big banks. Without us, the regulators will think that the banks are the only ones paying attention. If thousands of us show that we care, we will embolden the regulators to crack down on Wall Street’s taxpayer-funded, high-finance casinos.

So sign our letter. You can even add your own comment.

I will submit this letter, along with your signatures and comments, to the bank regulators. We’ve been in touch with them, and they've asked to hear what we have to say.

Let's tell them. Together.  Click here to do it.

And thanks for your help.

Courage,

Alan Grayson

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

fly, mickey, bink, JekyllnHyde, From the choir, dalemac, slinkerwink, deben, Maxlongstreet, dfarrah, Gooserock, greenbird, Pescadero Bill, cotterperson, eeff, gjohnsit, exNYinTX, expat germany, agoldnyc, Gustogirl, TheMomCat, Intellectually Curious, wonkydonkey, annrose, whenwego, Transmission, sngmama, Terre, ctsteve, splashy, wader, pollwatcher, edrie, roseeriter, white blitz, HeyMikey, riverlover, Dood Abides, Brian82, FlyingToaster, BDA in VA, Gowrie Gal, rapala, radarlady, 3goldens, UncleCharlie, caul, Simplify, ChemBob, YucatanMan, fixxit, GregGilman, kaliope, deepsouthdoug, Jim P, tarheelblue, golem, myboo, Kingsmeg, dharmafarmer, raptavio, sailmaker, blueoasis, shrike, Ashaman, gooderservice, llbear, Turbonerd, Clive all hat no horse Rodeo, Cassiodorus, chgobob, markthshark, Habitat Vic, yoduuuh do or do not, Mary Mike, noofsh, terabytes, bobswern, carpunder, MKinTN, End game, wayoutinthestix, poligirl, elwior, Buckeye Nut Schell, Calamity Jean, tofumagoo, hwmnbn, geomoo, priceman, JamieG from Md, slathe, palantir, statsone, CIndyCasella, J M F, The Dead Man, eltee, Don Enrique, BlueInRedCincy, billyleeblack16, Lacy LaPlante, Just Bob, SeattleTammy, Proud Mom and Grandma, Simple, gulfgal98, Kristina40, Betty Pinson, Floande, Nada Lemming, slice, allenjo, HiKa, brendams, zukesgirl64, Santa Susanna Kid, dle2GA, floridablue, LSmith, MRA NY, Sark Svemes, FisherOfRolando, Mentatmark, MichaelNY, Heart n Mind, Horace Boothroyd III, joeschmeaux, This old man, peachcreek, Free Jazz at High Noon, BusyinCA, New Minas, ItsaMathJoke, The Geogre, Ray Pensador, Chaddiwicker, jbob, remembrance, poopdogcomedy, gypsytoo, solarbay, duhban, Kombema, nancyjones, Tom Lum Forest, britzklieg, trkingmomoe, TeaBaggersAreRacists

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site