Bring back banking regulations
The banking industry needs to heavily regulated to return them to their primary function: loaning money to business and individuals. Currently, without regulation, they operate more like casinos playing a dangerous game betting against America.
DAN 1 commented
Erradicate and outlaw International Banking from Our Nation. This includes the Federal Reserve.
Outlaw banking investment in Wall Street schemes.
Ed Kennedy commented
We need to develop and maintain nationwide focus on the collapse of our Economy due to Housing and Banking Cartels; so that, we can achieve the necessary changes and resolutions (or, it will surely happen again).
1.Flat 10% tax, income under $250K/year. www.PeoplesParty.us
2.Electric and Natural Gas cars are tax free and tax deductable over 5 years.Same for solar and wind energy.
3.Term limits of 12 years for senators/reps.
4. Publically traded companies belong to the shareholders. $1M Max salary
5. Build secure double fence on south border.More guards/cameras.
6. Medicare, Medicaid, V.A. merge into one healthcare system open to all.
7. The Small Business Admin. actually gives out loans/grants for seed cap.
8. One year time limit on fighting wars.
9. Congressman must Balance the budget or lose half of salary.
10. Get rid of electorial college for direct vote. Max campaig donation $10k.
Barbara Brandt commented
HUD has be gun with B of A -- seeking solutions for HECM mortages and as a coincidence, B of A is going to stop their HECM division. Fantastic news for me!
the banks are the primary source of our financial crisis,
Last Iconoclast commented
But you'll make the 2 year olds cry,... MINE, MINE! After all,.. they believe their entitled to everything they see!
The Bankers have maybe 2% of their own money at risk while they get to enjoy 100% of the Bank's profits - ALL courtesy of the FDIC - which really is the U.S. Taxpayers - without the FDIC - Jamie Dimon etal are no different from payday lenders.
john graham commented
we can dream cant we? even the "tea party" will never touch this. Rep. Isis will find ohhhh so much wrong at Fan & Fred but ill wager my social security he will call lunch breaks/vote calls if Bank/Wall Street uttered.
Ken Martin commented
Its obvious to me that we need regulation. When the Glass-Steagal act was rescinded look what happened. This alone proves that regulation is a must. Bring back regulation and hold banks and corporations responsible for their careless actions, not bail them out. This should include long term jail or prison sentences for bank and corporate CEO's.
After a generation of fraudulent banking schemes has crippled our economy, it's time for perp walks and a return to responsible financial regulation, beginning with a return to the Glass-Steagall act. Then, stop the revolving door that allows regulators, lobbyists, and bank execs to recklessly self-serve their own interests.
Yes, the Glass-Steagal law needs to be re-instated with new teeth in it. The idea that a few banks are too big fail is the mantra of crooks.
The Wall Street Bankers are not geniuses any more than Bernie Madoff was a genius, they are but greedy fools on a long leash. It is time to reel them in.
Can anybody say Dr. William K. Black For President?
In case you haven't watched it, he gave a very thorough speech on the whole mess called the "Great American Bank Robbery".
What's the difference between now and twenty years ago? Twenty years ago the crooks driving our ecomony off a cliff would be in handcuffs right now instead of doling out billions in executive bonuses. Heads should roll, and the members of the cartel should be in prison, minus their ill-gotten gains.
Carl Ockert commented
The Glass Steagal law, which was in effect from 1933 to 1999, separated investment banks from savings banks, created the FDIC to protect savings accounts, protected local savings banks from out of state competition, and prohibited unsound practices including gambling with the depositors money. During that time, depositors were protected and we had no major finacnial crises. Why no just restore Glass-Steagall restrictions as proposed (Mar 17, 2010 ... H.R. 4375, the Glass-Steagall Restoration Act).
peter d roman commented
During America's incredible growth during the 50's and 60's our banks were heavily regulated.
Growth of the nation at large and regulation of components of that growth go hand-in-hand. The argument that regulation stifles growth is simply not true.
History is the better teacher than lobbyists peddling banking interests.
I doubt is much else can be substantially fixed if our financial sector is not fixed first.
It has grown into a huge industry that produces nothing but debt and profits off debt. They make nothing and have no incentive to invest in those who do. Money can be made much quicker in secret schemes here and abroad.
Under their scenario, innovation will whither in this country since the easy buck is where the profit is.
This has to change!
Taxpayers should not be bailing out bank executives who got in over their heads speculating (gambling) on sub-prime mortgages, CDOs, CDSs, etc. How many depressions do we need to separate bank lending from investor gambling? CEOs love TBTF, the bigger the assets, the bigger the bonus. Any trouble, they disappear along with their lucre. Look around today, rich bank executives, increasing unemployment and poverty.
I vote for this.
Break up the big banks. End the casino opts.
The problem is the banking industry has gone casino. They use mortgages as if they are casino chips. If only the bankers payed the price for failure I would say go for it. However, when the world economy crashes I draw the line and so should the government.