regulate wall street

2

While everyone watched Comey, The House voted to kill Wall Street reform and the Senate made moves to fast-track the AHCA

  • While former FBI Director James Comey’s Thursday testimony blanketed the news congressional Republicans quietly moved forward some of their major agenda items.
  • The House debated the Financial Choice Act — a bill that would kill many of the Wall Street regulations created following the 2008 financial crisis.
  • The House ultimately passed the bill along party lines Thursday afternoon, sending it to the Senate.
  • And Senate Republicans have moved closer to coming up with a health care bill they say will make good on their promise to “repeal and replace Obamacare.” Read more (6/8/17)
youtube

Trump’s Banksters and the Rollback of Dodd-Frank

Donald Trump has ordered a rollback of regulations over Wall Street, including the Dodd-Frank Act, passed in 2010 to prevent another too-big-to-fail banking crisis.

Perhaps Trump thinks that we’ve forgotten what happened when Wall Street turned the economy into a giant casino, and then – when its bets went sour in 2008 – needed a giant taxpayer funded bailout.

Maybe Trump thinks Americans forget losing their jobs, homes, and savings in the fallout.

Many people who voted for Trump got shafted. I hope they haven’t forgotten that while they suffered, not a single bank executive went to jail.  

Trump supporters need to join with Democrats and progressives in stopping this rollback, and holding Trump accountable.

The biggest banks are far bigger today than they were in 2008. Then, the five largest had 25 percent of U.S. banking assets. Today they have 44 percent. 

If they were too big to fail then, they’re too big period now. 

Getting rid of Dodd-Frank triples the odds of another financial crisis. 

Meanwhile, Trump has brought more banksters into his administration than any in any previous administration – mostly, from Goldman Sachs. 

The head of Trump’s economic council is Gary Cohn who was president of Goldman Sachs. Other Goldman alumni include Trump’s right hand man, Steve Bannon, Trump’s pick for Treasury, Steve Mnuchin, Trump’s pick for the securities and exchange commission, Jay Clayton and another White House advisor, Dina Powell. 

Now remember, a decade ago, Goldman Sachs defrauded investors and ripped off its customers and it’s paid nearly $9 billion in government fines. 

Many of Trump’s banksters were there at that time. 

Don’t let Trump and the Republicans endanger our economy again. Let’s not make the same mistake twice.

Regardless of how Americans identify themselves ideologically, the majority embrace ideas that some might call socialist. For example, 74% think corporations have too much influence; 73% favor tougher regulation of Wall Street; 60% believe that “our economic system unfairly favors the wealthy;” 85% want an overhaul of our campaign finance system to reduce the influence of money in politics; 58% support breaking up big banks; 79% think the wealthy don’t pay their fair share of taxes; 85% favor paid family leave; 80% of Democrats and half the public support single-payer Medicare for all; 75% of Americans (including 53% of Republicans) support an increase in the federal minimum wage to $12.50, while 63% favor a $15 minimum wage; well over 70% support workers’ rights to unionize; and 92% want a society with far less income disparity.
latimes.com
Here's what's at stake as Trump moves to unravel Dodd-Frank
By James Rufus Koren

President Trump signed an executive order Friday that calls for his administration to review the landmark Dodd-Frank Wall Street Reform Act, with an eye toward revising or eliminating parts of the 2010 law.

An administration official told reporters that the law “in many respects was a piece of massive government overreach” and that some of the rules within the law, passed in the wake of last decade’s financial crisis, “may have even been unconstitutional.”


Consumer Financial Protection Bureau

The administration official who previewed Friday’s executive order said the law had, among other things, created “new agencies that don’t actually protect consumers.” That’s a not-so-subtle swipe at the Consumer Financial Protection Bureau, an agency created by the Dodd-Frank act that has been a strict enforcer of consumer protection laws and that has crafted a bevy of new rules that apply to mortgage lenders, banks, credit card companies and other financial firms.

The bureau’s rules have made it less attractive — though not illegal — for mortgage lenders to make some types of risky loans that went bad and sparked last decade’s financial crisis. The bureau also been working on rules that would prevent banks and other financial firms from blocking class-action lawsuits by consumers and would require payday lenders to do more underwriting.

The bureau and its director, Richard Cordray, have been targets of Republican lawmakers, who argue that the bureau has been overly aggressive in enforcing rules and that its power should be crimped. Trump advisor Gary Cohn suggested in an interview with the Wall Street Journal that Trump may seek to replace Cordray, though Cordray’s term doesn’t expire until the middle of next year.


Proprietary trading

Dodd-Frank put limits on the kind of bets banks can make on their own behalf — also called proprietary trading. (Proprietary trades in mortgage-backed securities led to huge losses for banks in the lead-up to the financial crisis.) Under those limits, often referred to as the Volcker Rule after former Federal Reserve Chairman Paul Volcker, banks also are not supposed to make investments in certain riskier asset classes.

The rule was meant to prevent banks from taking too much risk, though it’s been criticized for making it harder for banks to hold certain types of securities that customers might want to buy. JPMorgan Chase chief Jamie Dimon famously criticized the rule, saying regulators would need a psychiatrist to help determine whether a trade was proprietary.

(Continue Reading)

vanityfair.com
The White House Just Used a Brazen Backdoor Move to Bypass the Senate
A loophole allowed the Trump administration to install a Wall Street lawyer to take over one of the nation’s most powerful regulators without a hearing or confirmation.
By Bess Levin

As you may recall, Donald Trump promised to gut the protections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, because it interferes with the ability of banks and other business to make lots of money at the expense of ordinary consumers I mean to create jobs. To accomplish this, he’d need someone friendly to head the Office of the Comptroller of the Currency (OCC), which is in charge of regulating Wall Street.

Trump wanted to appoint Keith Noreika, a Wall Street financial services lawyer who has worked closely with the same Wall Street companies that the OCC regulates. The head of the OCC, however, is a position that the Senate must confirm, and Noreika’s past work has left him with substantial financial and ethical conflicts of interest. So Trump and his Treasury Secretary, Steven Mnuchin, came up with a way to do it without any potential embarrassment:

  1. Appoint Noreika as “first deputy” at the OCC.
  2. Fire the current head of the OCC.

Noreika automatically became “acting comptroller,” with no Senate hearings or confirmation, no disclosure of his former clients, and no ethics pledge.

NEW YORK TIMES


BAYONNE - N.J. - Nicole Adamczyk’s drinking water used to slosh through a snarl pipes dating from the Coolidge administration - a rusty rickety symbol of the nation’s failing infrastructure.

So, in 2012, this blue-collar port city cut a deal with a Wall Street investment firm to manage its municipal waterworks.

Four years later, many of those crusty brown pipes have been replaced by shiny cobalt-blue ones, reflecting a broader infrastructure overhaul in Bayonne. But Ms. Adamczyk’s water and sewer bills has jumped so much that she is thinking moving out of town. 

“My reaction reaction was, ‘Oh so I guess I’m screwed now?’” said Ms. Adamczyk, an accountant, and mother of two who received a quarterly bill for almost $500 this year.

Even as Wall Street deals like this one with the Bayonne help financially desperate municipalities to make much-needed repairs, they can come with a hefty price tag - not just to pay for new pipes, but also to help the investors earn a nice return, a New York Times analysis has found. Often, these contracts guarantee a specific amount of revenue, the Times found, which can water bills soaring.

Water rates in Bayonne have risen nearly 28 percent since Kohlberg Kravis Roberts, one of Wall Streets’ most storied private equity firms - teamed up with another compony to manage the city’s water system, the Times analysis shows. City officials also promised residents a four-year rate freeze that never materialized.

(Continue Reading)

Justice Democrats - Democrats That Represent People, Not Corporations

Operation Democratic Backbone.

It’s time to face the facts: the Democratic Party is broken and the corporate, establishment wing of the party is responsible. Republicans now hold most state legislatures, most governorships, the House of Representatives, the Senate, and the presidency. So in 2018, hundreds of Justice Democrats will run a unified campaign to replace every corporate-backed member of Congress and rebuild the party from scratch. This is our plan:

Pass a constitutional amendment to put an end to Washington corruption and bring about election reform. Super PACs should be banned, private donations to politicians and campaigns should be banned, and a clean public financing system should be implemented to end the takeover of our government by corporations and billionaires. Americans deserve free and fair elections – free from the corruption of big money donors. The Supreme Court has effectively legalized bribery. It’s time for an Article 5 convention to take our democracy back from the brink of oligarchy. Prior to passing this amendment, all members of the Justice Party should reject billionaire and corporate donations when running for office to show the American people we don’t just talk the talk, we walk the walk. Ranked choice voting should also be implemented to make smaller parties a viable option. All provisions of the voting rights act should be reinstated, and gerrymandering for partisan gain should be banned.

Re-regulate Wall Street and hold white-collar criminals accountable. Despite engaging in systemic fraud and causing a subprime mortgage meltdown and the great recession, you can count the people from Wall Street who are in prison for their crimes on one hand. It’s time to prosecute the criminals, bring back Glass-Steagall, and re-regulate Wall Street to prevent another crash. Prison is not just for the poor and the middle class anymore. We will have cops on Wall Street, not just Main Street.

End billionaire and corporate tax dodging, fix the system to benefit middle-class and poor people. Corporations dodge $450 billion a year in taxes by using offshore tax havens. We should end this injustice, as well as chain the capital gains tax to the income tax, increase the estate tax, and implement the Buffet rule so that no millionaire CEO pays less in taxes than his or her secretary. It’s time for a tax system that benefits the middle-class and the poor, and makes the top 1% and multinational corporations pay their fair share.

Defend free speech and expression. We support the right to express unpopular opinions without fear of censorship. We support free speech on college campuses. The marketplace of ideas should be embraced. A vibrant debate is healthy for democracy, and we should cherish our first amendment. We also support net neutrality for a free and open internet.

Oppose bigotry. We must speak out against racism, sexism, xenophobia, and all forms of bigotry. Non-discrimination protections that currently apply to race, religion, and gender should be expanded to include the LGBTQ community and the atheist community. Making all Americans equal is not asking for special privileges, it’s asking for the rule of law – justice and equality for all as outlined in the United States Constitution.

Make the minimum wage a living wage and tie it to inflation. This is about justice and basic human decency. If you work hard and you work full time you shouldn’t live in poverty.

Ensure universal healthcare as a right. The United States should catch up to every other modern nation and implement a single-payer, medicare-for-all system. There’s no reason we can’t be #1 in the world instead of #37. It’s time to end the destruction of American healthcare by rapacious, price gouging, for-profit, private health insurance middlemen.

Ensure universal education as a right. Educating the citizenry of a nation pays dividends in the long run, with the economy getting back much more than is initially put in. Crushing student debt for higher education would no longer burden young men and women trying to improve their lives through hard work. We should strive to have the best education system in the world.

End unnecessary wars and nation building. The United States maintains 800 military bases worldwide at a cost of $100 billion a year, this is money that can be spent at home creating jobs, rebuilding infrastructure, and investing in the future of the people. The disastrous war in Iraq cost trillions, the war in Afghanistan is 15 years in with no end in sight, and we’re currently bombing 7 different countries. We spend more on our military than the next 8 countries combined. Despite countless lives lost and destroyed, terrorism has only gotten worse. It’s time to end the wars and the perverse monetary-incentive structure that makes politicians flippant about sending young men and women to die. Unilateral U.S. military force should only be used as a last resort to defend the nation. The current budget could be cut drastically if we used our department of defense for what it was intended – defending us, instead of waging interventionist wars.

End the failed war on drugs. The goal is legalization, taxation, and regulation. Prohibition only makes drug cartels more powerful, increases crime, and makes drugs more dangerous due to lack of enforced safety standards. What you put in your body is your own business, and your right. A free society should allow individuals to make their own choices about their bodies. While most users are recreational and moderate, rehabilitation and treatment should be available for people struggling with addiction. Additionally, those serving time for non-violent drug offenses should be pardoned.

Create the new new deal. Our infrastructure gets a grade of D from the Society of Civil Engineers. The government should invest billions in rebuilding our crumbling roads, bridges, schools, levees, airports etc. There’s no reason why we can’t have the world’s #1 infrastructure.

Create the renewable energy revolution. Scientists are sounding the alarm on climate change. In order to avoid the worst case scenario and a dystopian future we need a massive green revolution. It’s time to drastically and immediately move away from fossil fuels and develop the technologies of the future. This will be a giant boon to both the private and public sector, as well as a necessary response to a global crisis. We can and we must be #1 in sustainable energy production in the world.

Block the TPP and all outsourcing deals that will further damage the middle-class. As a result of NAFTA, CAFTA, PNTR with China and the WTO, Americans have lost millions of decent paying jobs. It’s time to end the race to the bottom and renegotiate these rigged deals that only benefit elites. We should not sacrifice our sovereignty, the only people who are allowed to make laws for the United States should be the American people, not multinational corporations.

End Constitutional overreaches. Ban the NSA from bulk data-collection and warrantless spying. Shut down Guantanamo Bay and all extrajudicial prisons. Prosecute torturers and those who violated the Geneva Conventions, Nuremberg Tribunal, International law and US law. Return habeas corpus and due process. Pardon whistleblowers like Edward Snowden. We shouldn’t be leading from behind on human rights, we must be the home of liberty. We should practice the values we preach.

Ban arming human rights violators. We recently gave Saudi Arabia billions in weapons and watched the civilian death toll in their vicious bombing campaign in Yemen tick up. We continue sending Egypt arms as they violently crack down on peaceful protesters. Israel received $38 billion in aid and promptly announced new settlements. The first step to peace is not enabling nations who regularly violate international law. We must be bold enough to stand up to human rights violators who aren’t just our enemies, but our allies. We don’t weaken our allies by holding them accountable, we strengthen them.

Enact common-sense gun regulation. 92% of Americans want expanded background checks, 54% want a ban on assault weapons, and 54% want a ban on high capacity magazines. This should be implemented along with a federal gun buyback program to cut down on the 300+ million firearms in circulation. Over 30,000 Americans die every year from gun violence, including over 10,000 homicides. The time to act is now to address this public health crisis.

Ensure paid vacation time, sick time, maternity leave, childcare. The United States is one of just three countries in the world that doesn’t offer paid maternity leave, the others being Oman and Papua New Guinea. We are the only industrialized nation that doesn’t offer paid vacation time. This should be changed immediately.

Abolish the death penalty. Humans are fallible, we’ll never get the right answer 100% of the time. 4% of the people on death row are not guilty of a crime and have been wrongly convicted. A system that puts innocent people to death is indefensible and should be reformed. We want justice for the American people but killing innocent people on death row is the exact opposite.

Defend and protect women’s rights. We support the Paycheck Fairness Act. We oppose Republican cuts to Planned Parenthood and women’s health clinics all across the country. In 2016 alone, 60 TRAP laws targeting abortion were passed in 19 states. We will vigorously oppose all efforts to dismantle reproductive rights.

8

Statist and Anarchist #026: Statism

Government is the oldest (and most successful) pyramid scheme ever. Just convince people that the best way to run society is to give total power and control to a select few individuals, and voila, instant profit! It’s a scam so blatant it’s any wonder that people haven’t caught onto it by now.

the-midnight-doe  asked:

Not sure if you've found an answer yet but Tim Soret is the dev of The Last Night, E3's only interesting indie game, and is pro Gamer Gate trash

Oh yeah, was the the guy who was like “I am going to make a cyberpunk game about feminists and coporatings taking over the world?”  And now the new game looks like a cyberpunk dystonia

Actually I want to talk about his statement for a second, I find it really absurd how gamergate people keep being like ‘oh SJWs are pro coporate” when…leftism is anti corporate, they want higher taxes, more regulation, and less corporate influence in goverment, while the right and a great deal of Gamergate worships at the alter of the Free Market (at least until the free market starts to say that diversity makes more money).  Bernie Sanders isn’t exactly the best friend of Wall Street, meanwhile Trump the “anti establishment” chap is a billionaire who fills his cabinet with other billionaires and undoes wall street regulations.  

If those of you here today as stewards of these large financial institutions do not do your part in pushing forcefully for change across the industry, then bad behavior will undoubtedly persist. If that were to occur, the inevitable conclusion will be reached that your firms are too big and complex to manage effectively. …

I reject the narrative that the current state of affairs is simply the result of the actions of isolated rogue traders or a few bad actors within these firms. The problems originate from the culture of the firms, and this culture is largely shaped by the firms’ leadership.
youtube

Senator Elizabeth Warren: The GOP budget would gut Wall Street regulation 


Senator Elizabeth Warren joined Senators Jeff Merkley and Al Franken to discuss the GOP’s budget resolution, which would weaken the Dodd-Frank financial regulations and gut the Consumer Financial Protection Bureau.

Bernie Sanders showed in Iowa that being a real progressive won’t disqualify you.

There’s nothing entirely unique about the emergence of a political outsider who threatens to outflank the dominant establishment nominee from the left in the run up to the Democratic primaries. But Sanders’ candidacy is still striking, mainly because he has managed to inject some deeply progressive — and by some measures, radical — themes into the political conversation more successfully than anyone has in decades.

Despite how far these ideas lie outside the mainstream, Sanders was able to gain enough traction that he tugged Clinton to the left on everything from money in politics to Wall Street regulation, and then just about split Iowa with her. This should be a wake up call to the Democratic Party.

3 reasons why Bernie Sanders’ performance in Iowa matters