THIS AFTERNOON’S DISCUSSION IS ABOUT:
“Bankers – From The Goodness Of Their Little Hearts.”
One afternoon a wealthy banker was riding in his limousine when he saw two rather tattered-looking men along the road-side eating grass.
Disturbed, he ordered his driver to stop and he got out to investigate.
He asked one man, “Why are you eating grass?”
“We have no money for food, the poor man replied. “We have to eat grass.”
“Well, come with me to my house and I’ll feed you,” the banker said.
“But, sir, I have my wife and my two children with me. They are over there eating the grass under that tree.”
“Bring them along,” said the banker.
Turning to the other poor man he stated, “You can come with us, also.”
The second man, in a pitiful voice, said, “But, sir, I also have my wife and six children with me!”
“Bring them all, as well,” the banker answered.
They all entered the car, which was no easy task, even for a car as large as the limousine.
Once underway, one of the poor fellows turned to the banker and said, “Sir you are much too kind. Thank you for taking all of us with you.”:
The banker replied, “Glad to do it. You’ll really love my place. The grass is nearly a foot high.”
Brings a tear to your eye, doesn’t it?
IN THE WORLD OF THE BANKSTERS…
…AGAIN OFF THE BACKS OF THE EXPLOITED AND DOWNTRODDEN,
“ONLY A BANKSTER COULD FIGURE OUT SUCH A SELFISH WAY TO GET HIS LAWN MOWED FOR FREE!”
Thanks for sending this my way Maddi, although, tongue-in-cheek, there is a ring of truth to it, a sad truth..
Round 1 to the banks, more to come
11 May 2010
The Senate resumes debate today on the Wall Street reform bill, having late last Thursday rejected probably the most important measure proposed to reduce Wall Street power, strengthen financial stability and fortify our democracy: breaking up the banks.
By a 33-61 vote, the Senate defeated the Brown-Kaufman amendment, which would have forced the largest banks to get smaller. Three Republicans, including Richard Shelby, the ranking member of the Banking Committee, joined 30 Democrats in supporting the measure.
This was a very big deal loss. But things aren’t over by any means.
There are many important things still up for grabs in the Senate bill — controlling derivatives, strengthening and protecting the consumer financial protection bureau, eliminating a global deregulatory scheme on insurance issues, and much more.
One vital measure would reduce bank size indirectly, while also restraining the Wall Street speculative impulse. An amendment proposed by Senators Jeff Merkley, D-Oregon, and Carl Levin, D-Michigan, would implement the “Volcker Rule” — the proposal from former Federal Reserve Chair Paul Volcker to keep commercial banks out of speculative investing. The Merkley-Levin amendment would eliminate loopholes in the Senate Wall Street reform bill, and ensure commercial banks stop betting on the equity, bond and derivatives markets. It would prevent banks from running their own hedge funds. It would make large, non-bank financial companies hold more capital against the risk of loss on speculative bets. And it would prohibit Goldman Sachs-style conflicts of interest, with firms betting against securities they sold to clients.
Merkley-Levin would force commercial banks to sell off their internal betting divisions, and to re-focus on core banking functions. It would make banks be banks.
If enough people weigh in right now, this far-reaching amendment may meet a better fate than Brown-Kaufman. Go here for talking points, and a “citizen whip chart,” where you can enter information about what your senator says he or she is planning to do on this vital matter.
Although the defeat of Brown-Kaufman was crushing, it was nonetheless an indicator of the strength of the populist call to break up the banks and reduce Wall Street power. A sign of Wall Street’s ongoing dominance on Capitol Hill had been its success in defining the call to “break up the banks” as outside the bounds of legitimate debate. Wall Street succeeded in the House, which did not seriously consider proposals to break up the banks. But it could not block the issue from an airing in the Senate; and once aired, the break-up-the-banks proposal gained substantial support, notwithstanding opposition from the White House and the chair of the Banking Committee, Chris Dodd.
The defeat of Brown-Kaufman does not mean the issue will go away. Wall Street hopes that it will be able to weather the storm from this round of legislation, and escape further scrutiny and control. But as the recent Securities and Exchange Commission charges against Goldman Sachs reveal, there are still a lot of buried bodies to be uncovered. The growing tide of scandal may well lead to subsequent rounds of reform, with momentum building to break up the banks that are clinging desperately to their hold on Capitol Hill.
In the meantime, opportunities for real reform remain on the table right now. A host of named and anonymous industry lobbyists recently admitted to the Washington Post that they fear they are losing control of the Senate debate. “You’ve got an environment, six months before an election, where politicians are acting like politicians,” Sam Geduldig, a financial lobbyist and former Republican staffer, told the Post. “They are viewing any vote as a potential campaign ad. And that might not be good for any of us.”
Well, not good for any of the industry lobbyists, perhaps. But ideal for democracy, and the democratic imperative to exert control over Wall Street.
Robert Weissman is president of Public Citizen.
Also, as the lobbyists and politicians POSITION themselves to win at all costs, our democracy takes a-bruisen and becomes weaker. It’s amazing how these people in control who happen to be Americans themselves cannot see through their own greedy eyes WTF they are doing. All of us must be vigilant, don’t allow them to pull the fuzzy warm blanket of lies over our eyes again, forever to keep us in the dark. Become enlightened read, read, read, read, sign petitions and call your representatives’ to tell them; “IT’S OVER, WE’VE GOTTEN WISE TO YOU AND YOUR GREEDY ANTICS. DO WHAT’S BEST FOR OUR DEMOCRACY OR YOU WILL NOT GET MY VOTE AND YOU WILL BE THE LOSER!” One little vote that’s all we have but together we can make a difference with that one little vote. thinkingblue
Please sign this very important petition “demand question time”
(of our political leaders) HERE...
We really need more dialog from those at the top…
The Republicans have got to be made to realize they can’t hide behind “NO”
any longer! thinkingblue
Let’s keep our heads, while we continue to watch THE
THEATER OF THE ABSURD!!!
“A SEARCH FOR TRUTH WILL FIND INJUSTICE.”