I'd suggest that anyone who hasn't done it yet should find a small bank and move their accounts. Clearly, the people we elected aren't going to do anything about these monster banks:
A move to break up major Wall Street banks failed Thursday night by a vote of 61 to 33.
Three Republicans, Richard Shelby of Alabama, Tom Coburn of Oklahoma and John Ensign of Nevada, voted with 30 Democrats, including Senate Majority Leader Harry Reid of Nevada, in support of the provision. The author of the pending overall financial reform bill in the Senate, Banking Committee Chairman Christopher Dodd, voted against it. (See the full roll call.)
The amendment, sponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken down in size and capped so that their individual failure would not bring down the entire system.
Under Brown-Kaufman, no bank could hold more than 10 percent of the total amount of insured deposits, and a limit would have been placed on liabilities of a single bank to two percent of GDP.
In practice, the amendment required the six biggest banks -- Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley -- to significantly scale down their size. It was touted as a way to end Too Big To Fail.
Though top Obama administration officials have not publicly opposed the amendment, its leading economists have opposed ending Too Big To Fail simply by breaking up the nation's financial behemoths. Austan Goolsbee and Larry Summers have both fought back against this idea, as has Treasury Secretary Timothy Geithner.
"This is certainly a defeat for those who are concerned about the dangers of financial concentration in this country," Kaufman said in a statement after the vote. "Some causes are worth fighting for, and for me, the concern about the risks 'too big to fail' banks pose to the American economy and people is deep and profound given the economic tragedy millions of American have endured. I believe the debate itself -- though failing to gain a majority of votes -- has helped to change attitudes about the degree of financial concentration and power these megabanks now represent."
I have all my money in a savings and loan. And I love it. It isn't a gigantic deal, like B of A or Wells Fargo, but then again, I'm not a millionaire. I have been with those two giant banks in the past -- no more, never again. I told my children: If I win the lottery, I will keep all my money in my regular S&L, and The Bank of Shell's mattress.
We make these banks big by putting money into them or making loans from them. We are a part of the problem. Every time we open up an account or make a loan from one of these banks we empower them. Luckily there is an easy fix. It's called a local credit union. They offer all the same services as a big bank and are much friendlier to deal with.
Most loans should not be made, period. Americans should finance a house, or business assets, but nothing else. We should never finance a vehicle. It is a depreciating asset. Don't even get me started on credit cards. if you are raising a child today, please don't ever let them start.
should have put the house in the depreciating asset column too, lol
Good point. That's why I think we should be living in Yurts or much more modest, lest costly structures that don't take over $100,000 in materials to build.
Most people can't get past the shocking notion of not being able to finance anything. So I try to go a few steps at a time.
Bottom line: most of the things we possess, should not have been acquired, let alone financed. If we were all to live by that credo, the economy would truly collapse, but we would simultaneously be set free from the bounds of a lifetime of indentured servitude.
cash for my house last time, next time, I'm buying a trailer on some land, f*ck it
declining and many making less than I made before Reagan, they will never be able to save enough even for a down payment.
Think about it. It doesn't cost as much to insure. It doesn't cost as much to replace when insurance doesn't pay. It doesn't cost as much in taxes. You don't stress about the "value" of the home.
Screw the trailer floridiot. Be yurt trash instead.
This decision is brought to you by the best Congress money can buy.
The best Senate money can buy.
These people aren't paid to represent the people, or to support and defend the Constitution.
"helped to change attitudes." I know I'm relieved.
and vote them out in their next election.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
the breakdown on who voted what.
http://senate.gov/legislative/LIS/roll_call_l...
Boxer voted "Yes" and Feinstein "No".
I think Boxer would have stayed with Feinstein if she didn't have the wrath of the voters to face in six months.
"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn
local credit union immediately.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
As much as I want the big banks to be broken up, we missed the chance when we bailed them out.
How would it play out telling B of A they need to get rid of millions of their customers? How could such a move not tank the stock and cause a ripple effect through the economy?
These banks made me sick, but I can see what would of been on the minds of many of the senators as they voted.
That's great to move your money out of these institutions, but don't forget they have a lot of business and payroll accounts. In fact, here is a statistic from B of A's CEO from two years ago. he bragged "Bank of America has a direct or indirect relationship with more than 50% of American families."
out of debt, I spent a lot of time looking for one credit card I could get to use that wasn't sponsored by a big bank. I settled on Working Assets, a card that donates 1% of all your purchases to various charities and foundations you indicate. Well, I hadn't had the sucker for more than 6 months, when it was bought out by Bank of America. You can't win these days....the big corporations have the business all sewn up, no matter what you try.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
I looked into Working Assets for my cell phone plan. As I looked over the agreement, after they were done with all the feel good stuff, guess who was the parent company and provider of service?
Sprint.
A great customer oriented bank. Then they were bought by B of A and my account was subject to all the little shenanigans they put in. I had to switch and I'm glad I did. B of A sucks.
Been using it for over a decade now. USPO money orders are occasionally useful, and so far the only company that requires a credit card that I have encountered is Amazon.com. They lose, as I buy many, many books. Just not from them.
.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
Be nice to see a roll call.
All I got was a list of Dem shills. Sanders ain't one of them.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
http://senate.gov/legislative/LIS/roll_call_l...
"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn
Democrats who voted AGAINST the bill to break up big banks:
* Akaka (D-HI)
* Baucus (D-MT)
* Bayh (D-IN)
* Bennet (D-CO)
* Carper (D-DE)
* Conrad (D-ND)
* Dodd (D-CT)
* Feinstein (D-CA)
* Gillibrand (D-NY)
* Hagan (D-NC)
* Inouye (D-HI)
* Johnson (D-SD)
* Kerry (D-MA)
* Klobuchar (D-MN)
* Kohl (D-WI)
* Landrieu (D-LA)
* Lautenberg (D-NJ)
* McCaskill (D-MO)
* Menendez (D-NJ)
* Nelson (D-FL)
* Nelson (D-NE)
* Reed (D-RI)
* Schumer (D-NY)
* Shaheen (D-NH)
* Tester (D-MT)
* Udall (D-CO)
* Warner (D-VA)
I'm guessin' every one of them has accepted big bucks from big banks.
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
is history anyway. He's falling behind in the primary to a real Democrat. Udall isn't up for re-election yet, but when he is, he's gone too. They are both do-nothing corporate shills.
Dodd (but WTF), Feinstein (a walking corpse who should have retired 20 years ago), Kerry (hello John, which state do you represent?), Menendez (your just across the river, didn't you see what happened?), Reed (quite patting yourself on the back you pansy and get something done), and Schumer (please explain this?).
Who am I supposed to vote for, the big mean industry lapdog, or the cute little industry lapdog?
Mark Warner of VA. He's going to be a one term senator. He's owned and operated by every corporate entity there is.
The Dems that didn't vote Yea need to be called out. And the few Rethugs thanked (for once).
I say this once again, we're screwed. You can bet your ass another crash is coming and probably sooner than the last one, maybe 3 to 5 yrs, and yet these prostitutes in congress can't break away from their johns long enough to save the country. If I hear one more legislator, or anyone excusing the dollars passed around the halls of congress, by saying these lobbyists dollars and campaign dollars don't affect my vote, I'm going to fucking lose it. It's plain to see the dollars passed around by wall street affected this vote. And if you don't think big oil is next, well you have your fucking head in the sand.
They're tapdancing in their johns?
Diabolus est Deus Inversus
The second crash in this recession may come within a year. As anyone with half a brain can see the US market is highly unstable now, an example being last week's "flash crash". The euro is having problems staying afloat with the economies of Greece, Portugal and Spain in crisis. I fear that when the second dip comes it will be worse than the first one.
A small child, simply by observation, can figure out what is going on in this world; there are some who work, and some who play.
http://www.merriam-webster.com/dictionary/work
It seems to be unfashionable to point out, that even hunter gatherers performed work; in the scientific sense of the expenditure of energy.
American society is increasingly unhinged from reality, probably because in the strict sense of the word, the third world has become our Proletariat. A restatement "We live in a world of global capital, of multinational conglomerates, the proletariat is planet wide, as is capital; we may be living high on the hog right now, but our turn will come."
The question that needs to be on the table, is the purpose of banking in our country, and what function they perform to further the process of actual work being accomplished. We are so far away from what needs to be discussed, it simply amazes.
Banks, like many other of our industries, need to be examined in the light of what they contribute to the creation of actual wealth, in tangible terms of durable goods produced (the product of work). What should probably be considered is some form of nationalization, at the very least in terms of control.
Exactly...
The next shiny object that flashes past will catch your attention and that will be the end of that.
Is this vote supposed to be a surprise?
I believe this garbage started years ago with Gramm-Leach-Bliley
and the Financial Services Act of 1999.
The Congress already had rules in place (Glass-Steagall, etc,)to regulate banks and S&L's but the congress chose to change the rules...
What does one do when one's employees aren't performing up to
expectations?
Fire them.
Financial reform boils down to the same thing as insurance reform: to have true reform, you need to kill the economic sector they are in (and given the size of those industries, kill the economy as well).
If we wanted single payer, it would have wiped out all major health insurance companies overnight. If we want financial reform and break up too big to fail, it will wipe out the banking sector overnight.
No one is willing to do this. Not the government, and as much as we claim we want reform, we aren't willing to take the bitter pill that will come with it.
They were/are corrupt and caused a worldwide economic downturn. There is no way I would have given them a dime. We don't know what would have happened because we didn't go that route.
As for healthcare reform, the insurance industry produces nothing and thrives off of human misery. I for one wouldn't miss it. Laying off a few hundred thousand people who sit at computers and phone banks in order to deny care wouldn't bother me one bit. It's no more destructive than sending jobs overseas, closing manufacturing, destroying construction etc... They are not sacred.
i cannot believe dems voted for this. what got into them?? they need to loose their seats come november
in the Congressional Seat!!
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
Whatever happened to the word lose?
No one ever seems to use it online anymore...
Diabolus est Deus Inversus
!
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
Those who denounce the loudest
Were the one's most surprised
Political virgins...
I'm not surprised by much anymore.
Diabolus est Deus Inversus
most of the Rethuglican Party shocks the hell out of me!! They're absolute loons!
“The greatest evildoers are those who don’t remember because they have never given thought to the matter, and, without remembrance, nothing can hold them back,”
They make those BNP freaks over here look normal, almost.
...keep ours in a safe little community bank in our town. We absolutely distrust the larger banks.
JP
http://giveusthisdayourdailtydread.blogspot.com
on who voted which way on the legislation? I'd like to see where my congress critter actually ended up.
every few weeks for about two years now i get a call from some random phone number. recently a local number was displayed, sometimes a toll free number and once one from somewhere in penn. they want to talk to lisa Esomething; i'm not lisa. the first few times i explained who i was and who is wasn't. next calls i ranted a bit and asked them if they had any computers there or maybe a pencil and paper. now i never ever answer any number that i don't know.
leave a message for lisa and then go jump in a lake.
i didn't have any chase bank accts but happened to have two credit cards from chase - not any more.
the security this website has for registration is goofy.
I've had collection calls at my house for ten years looking for a Steven Linnins (or lennens) or something. The only way I've gotten them to stop is constantly filing complaints with the AG's office.
F*ck 'em all.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
a pre-paid, cheap enough and more convenient. Not in my name, in another name, and now I get NO collection calls, day and night, holidays, weekends, etc. Not a one in 2 years. I love it. And now they are settling for 10% of what I owed them. I settled with two credit cards in the last 2 months.
With the economy this bad, hold out as long as you can stand it and they will come begging.
Sanders' Senate Bill stands a MUCH better chance of passing.
It enjoys broad support from left and right.
Now Is The Time To Audit the Federal Reserve! Senator Sanders pt.1
Now Is The Time To Audit the Federal Reserve! Senator Sanders pt.2
Now Is The Time To Audit the Federal Reserve! Senator Sanders pt.3
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
that all these democrat liberals will vote with us, right up until it looks like it might pass and then they will realize where their real money comes from.
to do anything other than prostitute itself to big money? List of bank-owned senators who voted to screw the country (B denotes Bankster Party{good one, Dylan Ratigan}):
Daniel Akaka (B-HI), Lamar Alexander (B-TN), Max Baucus (B-MT), Evan Bayh (B-IN), Michael F. Bennet (B-CO), Christopher S. Bond (B-MO), Richard Burr (B-NC), Thomas R. Carper (B-DE), Saxby Chambliss (B-GA), Susan M. Collins (B-ME), Kent Conrad (B-ND), Bob Corker (B-TN), John Cornyn (B-TX), Christopher J. Dodd (B-CT), Dianne Feinstein (B-CA), Lindsey Graham (B-SC), Chuck Grassley (B-IA), Judd Gregg (B-NH), Orrin G. Hatch (B-UT), Kay Bailey Hutchinson (B-TX), Daniel K. Inouye (B-HI), Johnny Isakson (B-GA), John F. Kerry (B-MA), Amy Klobuchar (B-MN), Herb Kohl (B-WI), Jon Kyl (B-AZ), Frank R. Lautenberg (B-NJ), Joseph Lieberman (B-CT), John McCain (B-AZ), Claire McCaskill (B-MO), Mitch McConnell (B-KY), Robert Menendez (B-NJ), Lisa Murkowski (B-AK), Bill Nelson (B-FL), Jack Reed (B-RI), Charles Schumer (B-NY), Olympia Snowe (B-ME), John Thune (B-SD), George Voinovich (B-OH), Mark Warner (B-VA).
What a bunch of whores.
Something tells me that's not entirely accurate. I'll bookmark this thread for when we get to October and to 2012 when the ideology-wide cry will be "If you don't vote Dem, you're voting for the Republican."
It's the same every election.
How many Dem tools are still in office after caucusing with the Repugs during the reign of terror (43's rule)? All in the name of making sure the Dem's had a majority that they still refused to use.
I can only assume they didn't use it in that first year because they never intended to and actually are in agreement with most of the regressive policies that are in place.
Same old noise, different election.
And the same old outcome too.
I am a liberal, and have heard all the arguments againgst term limits. I defy someone to tell me how any other type of legislature could be worse? This is a travesty.
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