The Bankers’ Budget Bill

I was relieved last night to see that the Senate put a temporary measure to keep the gov’t. going until Wednesday, to allow more debate on this Bankers’ Bill.

Dandelion Salad’s take on this fiasco:

Draghi was director general of the Italian treasury from 1991 to 2001, where he was responsible for widespread privatization (sell-off of government holdings to private investors). From 2002 to 2006, he was a partner at Goldman Sachs on Wall Street. He was succeeded in 2011 by Mark Carney, who also got his start at Goldman Sachs, working there for 13 years before going on to become Governor of the Bank of Canada in 2008 and Governor of the Bank of England in 2012. In 2011 and 2012, Carney attended the annual meetings of the controversial Bilderberg Group.

Was an unelected private committee based in the BIS allowed to evaluate the “structure and function” of particular national governments and, if they were determined to have fiscal policies that were not “sound,” to impose “conditionalities” and “austerity measures” of the sort that the IMF was notorious for imposing on Third World countries? Suspicious observers wondered if that was how once-mighty nations were to be brought under the heel of Big Brother at last.

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Consider this scenario: the new FSB rules precipitate a massive global depression due to contraction of the money supply. XYZ country wakes up to the fact that all of this is unnecessary – that it could be creating its own money, freeing itself from the debt trap, rather than borrowing from bankers who create money on computer screens and charge interest for the privilege of borrowing it. But this realization comes too late: the boot descends and XYZ is crushed into line. National sovereignty has been abdicated to a private committee, with no say by the voters.

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Talking Points Memo on Elizabeth Warren standing up against the Big Banks as they once again trying to get deregulation rammed through so they can  swindle people with unethical and immoral financial shell games, as they did with Credit Default Swaps.

From the article:

The influence of major banks like CitiGroup explains why the provision is in the bill at all, Warren explained. Warren listed a number of former CitiGroup officials who have taken top positions in the Obama administration and past administrations.

“You know, there is a lot of talk lately about how Dodd-Frank isn’t perfect. There is a lot of talk coming from CitiGroup about how Dodd-Frank isn’t perfect,” Warren continued. “So let me say this to anyone listening at Citi —I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces. If this Congress is going to open up Dodd-Frank in the months ahead then let’s open it up to get tougher, not to create more bailout opportunities.”

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This is why we need Elizabeth Warren for president.  She understands what it’s like to be poor, unlike Hillary Clinton, who claimed to be “poor” because they only had a few million in the bank.  What a phony.

Glass-Steagall needs to be reinstated.  The Great Depression was caused by the banks’ greed, and the Un-Depression we’re in now was also caused by the banks’ greed (and the 1% not paying their fair share of taxes, plus stagnant wages).

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