Warren: End ‘too big to fail’
Washington (CNN) - Sen. Elizabeth Warren has been in the 2016 presidential spotlight recently, but on Tuesday she was focused on the issue that helped get her to the Senate in 2012 – Wall Street reform.
The Massachusetts Democrat spoke about the merits of stricter financial regulation in remarks on Capitol Hill to a pair of liberal-leaning groups: Americans for Financial Reform and the Roosevelt Institute.
Five years after the financial crisis, there remain banks that are “too big to fail,” Warren warned. She called for sharper regulation of banking institutions and, more specifically, a revised version of the Glass-Steagall Act, the Depression-era law which restricted the role of certain financial institutions.
“The last thing we should do is wait for more crises” before doing something to prevent them, the senator said in her prepared remarks.
Warren, who helped create the Consumer Financial Protection Bureau, praised the Dodd-Frank financial reform law, but argued that it doesn’t go far enough.
The new Glass-Steagall act, Warren said, would reinstitute many of the old protections of its predecessor - protections the senator credited with helping to ensure decades of financial stability before it was dismantled in the 1990s.
The new law “would reduce failures of the big banks by making banking boring, protecting deposits and providing stability to the system even in bad times,” Warren said.
“It would reduce ‘too big’ by dismantling the behemoths, so that big banks would still be big – but not too big to fail or, for that matter, too big to manage, too big to regulate, too big for trial, or too big for jail.”
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“It would reduce ‘too big’ by dismantling the behemoths, so that big banks would still be big – but not too big to fail or, for that matter, too big to manage, too big to regulate, too big for trial, or too big for jail.”
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Absolutely Sen. Warren. The new Glass-Steagall Act should get bipartisan support. Even Sen. McCain said Glass-Steagall needs to be reinstated. No more bailouts & no more get of jail free cards.
This nation needs strong financial planning. We are still capitalistic nation. Stocks are live proof. Watch out India, China–turning to be rogue nations too with Muslim nations.
Does think government is too big to fail as well??? Quite the contrary, she thinks the bigger the better. If large banks are evil, why isn't large government just as evil?
Well Lizzy,
You too late lock barn door. All you Liberal Friends allow anybody buy house, no means to pay. Now Lizzy, go brew up some Tea and get back in Library. Those books need put back on shelves.
Reviving Glass-Steagall would be a good move. Unfortunately, the twisted trails of who actually owns derivatives and mortgages almost prevents that from happening in a nondestructive fashion. The distinction between investment banks and savings and loans has become so blurred that they are practically inseparable. If anyone can figure out how to do it, they've got my vote, for sure.
And despite anger at the TARP legislation that the Bush administration passed, the GOP/Teatrolls will find some way to cry foul because a liberal is saying things they agree with...and they can't possibly agree with those things when they come out of the mouth of a liberal.
She's 100% correct in pushing a new Glass-Steagall. Banking and financial institutions have had a free-for-all since it was repealed and it's done us no good whatsoever. The only people it helped was the 1%, who stand in a position to be able to take advantage of the banks playing it fast and loose. The rest of us, not so much. Know why? Because the way the banks and the 1% take advantage of the lack of these regulations is by taking advantage of the rest of us.
This woman is a Communist. A home grown Massachusetts Communist.
I would vote for her as president
truth hurts but reality bites
Does think government is too big to fail as well??? Quite the contrary, she thinks the bigger the better. If large banks are evil, why isn't large government just as evil?
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No liberal has ever said that large government is a good thing. The problem is that "small government" sought by the right wing is actually no government, which is complete anarchy.
The big banks that caused the financial collapse but got bailed by taxpayers with the TARP because these banks were too big to fail. A lot of this was caused because the Bush admin. bought in to deregulation and letting banks police themselves(letting the fox guard the hen house). The officers who played these corrupt games also got a get out of jail free card. since then regulations have been put back on banks.. end of the too big to fail and too big for jail. About time. Taxpayers are tired of bail outs. while CEOs and other officers are making more in a month than most people on main street will make in a life time, and avoid any legal ramimifications.
Rudy NYC
truth hurts but reality bites
Does think government is too big to fail as well??? Quite the contrary, she thinks the bigger the better. If large banks are evil, why isn't large government just as evil?
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No liberal has ever said that large government is a good thing. The problem is that "small government" sought by the right wing is actually no government, which is complete anarchy.
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Of course they have, by their actions. When have thry EVER cut government? Never. And your lies about smaller government being no government are as dumb as it gets. Nothing but the usual lies spewed by the far left to paint a false choice.
Who repealed the Glass Steagall Act in the first place? Anybody want to take a guess? Hint( A liberal who also rewrote the community reinvestment act which led to the fall of the housing market).
We need a new chapter in the bankruptcy laws to cover institutions judged to be Too Big To Fail. Under it, said institutions would be broken in numerous parts and restrictions put in place to prevent them from being rejoined.
"No liberal has ever said that large government is a good thing. The problem is that "small government" sought by the right wing is actually no government, which is complete anarch"
I respectfully disagree. The righties have no problem with the size of government per se'... the largest increase in the size of government ever, happened under dubya- DHS. They want small government when the government actually does work to help the disenfranchised... that is when they get all outraged. But create a huge bureaucracy to intrude in people's lives and take away their civil liberties (that's that 'freedom' thing thay always accuse the Dems of trying to take) and they are all for that.
"Who repealed the Glass Steagall Act in the first place? Anybody want to take a guess? Hint( A liberal who also rewrote the community reinvestment act which led to the fall of the housing market)."
POTUS doesn't do those things, just signs them. Fact is, both sides of the aisle thought repealing Glass-Steagall was a good idea. It wasn't. The fallout proves that. And yet, despite it being both their faults, only one party has the common sense to objectively acknowledge the problems repealing it caused and the common decency to admit it was a mistake and push for reinstituting such regulation once more to prevent the same. The other one is stuck on ideological stupid does nothing but deny the reality about it.
We should be far more concerned about government that's too big to fail rather than banks. Small countries like Greece and Portugal can be bailed out. If the USA fails, there's not enough money in the world to bail us out. Reduce spending. Cut the deficits. Cut the debt.
truth hurts but reality bites
Rudy NYC
truth hurts but reality bites
Does think government is too big to fail as well??? Quite the contrary, she thinks the bigger the better. If large banks are evil, why isn't large government just as evil?
---–
No liberal has ever said that large government is a good thing. The problem is that "small government" sought by the right wing is actually no government, which is complete anarchy.
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Of course they have, by their actions. When have thry EVER cut government? Never. And your lies about smaller government being no government are as dumb as it gets. Nothing but the usual lies spewed by the far left to paint a false choice.
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Conservatives believe in big government just as much as liberals; they just believe in using it for different things. Liberals want big social programs. Conservatives want to impose their social values on everyone else. Witness abortion, Teri Schiavo, government support for religion (Christianity only), etc. And, conservatives admit that liberals want to cut the size of government, but it's the part of big government that Conservatives like, i.e. bloated and unnecessary defense programs centered in the home districts of Republican Congressional leaders.
smith
Who repealed the Glass Steagall Act in the first place? Anybody want to take a guess? Hint( A liberal who also rewrote the community reinvestment act which led to the fall of the housing market).
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So, this is your argument to NOT re-instate Glass-Steagall? So, you're endorsing a liberals position?
She is correct. We don't have capitalism.bWe socialize losses by corporation & banks [ the taxpayer/government absorbs those] but the 1%'ers want the profits to be distributed to the insiders.
Barack and Hillary had better fill the Federal JKudiciary with people of Warren's intellect and ideology. It's time WE TAKE OUR COUNTRY BACK.