Sunday, December 14, 2014

Big banks need to be busted up before they go bust ...

... and bring the rest of us down in the process.  That's just part of Elizabeth Warren's message delivered on the floor of the Senate objecting to provisions in the spending bill that will relax regulations on banks.  

And that bill does more.  Here is a brief on other parts of the bill from Pamela Powers Hannley at Blog for Arizona:

It is highly likely that this budget– which takes some $90 million from the Women, Infants, and Children (WIC) program while giving more than $450 million to the Pentagon for fighter jets it doesn’t want and setting up another ruinous Wall Street bailout– will pass the Senate and be signed by the president.

Warren really laid into Citigroup.

In a fiery but measured speech on the Senate floor, Massachusetts Senator Elizabeth Warren blasted the close ties between CitiGroup, Congress, and the Clinton, Bush, and Obama administrations as Wall Street “cronyism”. Channeling trust-busting, progressive President Teddy Roosevelt, Warren called for “opening up Dodd-Frank to make it tougher” and for an end to “too big to fail” banks.
"Let me say to anyone who is listening at Citi, I agree with you that Dodd-Frank isn’t perfect,” Warren said, looking directly into the camera. “It should have broken you into pieces.”

Unfortunately, the applause was not exactly deafening.

Here is the fundamental problem with the politics of economic inequality that has built over the last 40 years:  Democrats support Republicans when it comes to policies that work against American families.  Clinton signed off on repeal of Glass-Steagall.  Now Obama will sign off on this bill which, Warren argues, will set us up for another financial crash.  (Remember Thom Hartmann's book "The crash of 2016"?)  And it's not just the President.  Our representatives in Congress are voting for this stuff.  See yesterday's posts in this blog, here and here, for more about how Democrats need to get back to their core values and put them to work in politics.

Here is a link to Warren's prepared remarks in the Washington Post (h/t AZBlueMeanie).

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