MSNBC's Anti-Hillary Argument

The Assault On Savings Accounts

From Huffington Post:

The Fed is desperately trying to find ways to dial back on its $85 billion per month in bond purchases, an extreme stimulus program known as "quantitative easing," while still supporting the economy. One possible approach would be to stop paying banks a tiny interest rate for money they store at the Fed for safekeeping. The idea being that banks would be more inclined to put money to work with lending and other stuff that helps the economy.

But according to banks, that tiny Fed interest payment is the only thing that helps banks break even on savings accounts and other deposit services they provide. In order to protect their multi-billion-dollar bonuses and bank profits -- which have bounced to record highs since that financial crisis the banks helped create, a crisis from which the Fed and the American taxpayer bailed them out -- banks will sadly have no choice but to punish their customers.

That's not all: The banks say that, without that interest payment, they might also be pushed to take ever-crazier risks with money that was once safely parked at the Fed, the FT reports. Stop us before we kill the economy again, the banks are saying. And by "stop us," they mean, "give us all of your money..."

Some of the information from this article comes from the Financial Times (subscription only).

How Iceland Weathered the Financial Crisis

States Pass Pro-Glass-Steagall Resolutions

From Think Progress:

These resolutions are non-binding and symbolic. Only the federal government has the ability to reinstate the wall between commercial and investment banking. The idea behind the resolutions, however, is to help Sen. Elizabeth Warren (D-MA) put pressure on the rest of Washington by demonstrating state-level anger over the lack of accountability for the financial collapse. Warren, along with a bipartisan group of Senate allies, is currently pushing a “21st century Glass-Steagall” bill aimed at limiting the ability of commercial banks to engage in risky speculation.

So far, Glass-Steagall resolutions have only passed in Maine and South Dakota, the pairing of one very progressive and one very conservative state reflecting the odd political alliance Cirilli finds to be responsible for the rise of Glass-Steagall resolutions. Relatively progressive Democrats furious about inequality and predatory banking have joined up with libertarians angry about government bailouts to push for a new commercial/investment division.

Whether reimposing Glass-Steagall restrictions could head off another financial crisis is a complicated question. Arguably, the repeal of Glass-Steagall opened the door to a much broader range of financial speculation with a greater amount of assets, creating the sort of concentrated and interlinked risk that led to the domino collapse of banking institutions in 2008. Skeptics, however, note that the most significant 2008 collapses were either not commercial banks or commercial banks that collapsed for reasons other than their own investment banking department’s bets.

It’s also possible Glass-Steagall’s effects were less direct. Economist Joseph Stiglitz believes that the 1999 repeal changed the corporate culture of commercial banks, causing them to think and operate more like investment banks. This new culture led to riskier loan practices of the sort that really did bring down the big banks.

Detriot's Bankruptcy: Bankers Versus Pensioners

The Political Reality of Renewing Glass-Steagall

Fighting For Glass-Steagall

The Return of Glass-Steagall?

From the New York Times:

Senator Elizabeth Warren on Thursday introduced an aggressive piece of legislation that intends to take the financial industry back to an era when there was a strict divide between traditional banking and speculative activities. 

The bill, which is also sponsored by Senator John McCain, Republican of Arizona, and two other senators, is named the 21st Century Glass-Steagall Act. Its intention is to create a modern version of the seminal Glass-Steagall legislation from the 1930s, which placed firm limits on what regulated banks could do. It was fully repealed in 1999, laying the groundwork for the mergers that created some of the biggest banks of today. If passed, it could force many of those banks to let go of their trading operations. 

Senator Warren’s bill is one of several that have aimed to add far more bite to the overhauls that have been put in place since the financial crisis. The bill serves as a jarring reminder to Wall Street of why it feared her election to the Senate last year.

~

Senator Warren seemed to acknowledge the battle ahead, but she said that having Senator McCain as an ally was an advantage. “He’s a fighter, and it’s going to take a fighter to get this Glass-Steagall bill through,” she said in a news conference. 

Nostalgia for the original Glass-Steagall Act might help the new bill gain interest. Its supporters say the former law had several straightforward benefits, in contrast to the complex regulations that have been put in place since the crisis, like the Dodd-Frank Act of 2010. Glass-Steagall, which had 37 pages, was simple and so easy to put into practice, they say. 

The act also kept banks that use federal deposit insurance out of potentially volatile Wall Street activities, like trading. As a result, problems at investment banks were less likely to infect regulated banks. Losses at the Wall Street operations of Citigroup and Bank of America weighed heavily on those banks during the 2008 crisis.

Canada's Banking System vs. America's Banking System

Take the Banks to Court

From Elizabeth Warren's website:

"...if a regulator reveals itself to be unwilling to take large financial institutions all the way to trial - either because it is too timid or because it lacks resources - the regulator has a lot less leverage in settlement negotiations and will be forced to settle on terms that are much more favorable to the wrongdoer. The consequence can be insufficient compensation to those who are harmed by illegal activity and inadequate deterrence of future violations. If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law."

You can find the full text of the letter HERE.

Elizabeth Warren Takes On Bank Regulators

Elizabeth Warren vs. GOP On Consumer Protections

Tweet of the Day: March 8, 2013

Senator Elizabeth Warren (D-MA) in Action

GOP Taking on Big Banks? Think Again...

Elizabeth Warren Slams Possible AIG Lawsuit

From Huffington Post:

Sen. Elizabeth Warren (D-Mass.) slammed American International Group on Tuesday for thinking about suing the federal government over the $182 billion taxpayer bailout the insurance giant received during the financial crisis.

AIG is considering whether to join a $25 billion shareholder lawsuit claiming that the terms of the bailout were unfair.

"Beginning in 2008, the federal government poured billions of dollars into AIG to save it from bankruptcy. AIG's reckless bets nearly crashed our entire economy. Taxpayers across this country saved AIG from ruin, and it would be outrageous for this company to turn around and sue the federal government because they think the deal wasn't generous enough," said Warren in a statement. "Even today, the government provides an ongoing, stealth bailout, propping up AIG with special tax breaks -- tax breaks that Congress should stop. AIG should thank American taxpayers for their help, not bite the hand that fed them for helping them out in a crisis."

How to Deal With the Banks

The Wrap-Up: June 29, 2012

Chief Justice John Roberts

 ESPN is launching the "ESPN Ally" program aimed at creating a supportive and inclusive workplace.

Minnesota's Secretary of State has announced the title of the state's proposed anti-marriage equality bill. It's pretty accurate.

That $2,000,000,000 we thought J.P. Morgan lost turned out to be more like $9,000,000,000. And to think that Republicans were asking its C.E.O. for advice.

Rep. Adam Smith (D-WA) has introduced a bill aimed at protecting same-sex married couples in the military.

Rep. Adam Smith (D-WA) center

With the Affordable Care Act being upheld by the Supreme Court, conservatives are turning against the man who ended up being the deciding vote: Chief Justice John Roberts (a Bush appointee might I add).

Rep. Mike Pence (R-IN), who is running for governor, made the apology-inducing mistake of saying that the Supreme Court ruling was like 9/11. If there's any justice, this would cost him that election.

The anti-marriage equality organization in Maryland is a bit in the red...at least for now.

Minnesota Vikings punter Chris Kluwe is actively fighting against the state's proposed marriage equality ban.

And lastly, I give you the stupidest reactions to the Supreme Court's ruling on the Affordable Care Act, given that Canada's health care is more socialized and universal than America's. Idiots will be idiots.

The Wrap-Up: June 20, 2012

Pope Benedict stated that the reason for people being molested by pedophile priests is a mystery. I'm sure it has nothing to do with the Vatican sheltering said priests instead of turning them over to the police. Seriously, why do people bother listening to this Pope?

Mitt Romney thinks gay parents are inferior to straight parents. I guess that's fair since I think he is an inferior (and awkward) political candidate.

J.P. Morgan Chase, that bank that recently lost billions of dollars, gets a HUGE taxpayer funded subsidy...which it uses to screw over its clients by making unduly risky decisions. Your tax dollars at work folks.

After announcing support for marriage equality, Carrie Underwood has received some nasty backlash from fans and so-called Christians. Also it is apparently un-country to be vegan. You learn something new everyday I suppose.

Ever wonder what caused the holocaust? Apparently, according to "Joe the Plumber" (who is running for Congress), it was gun control.

After being banned from speaking in the Michigan state assembly for saying "vagina," two female legislators performed "The Vagina Monologues" on the steps of the state House to a large crowd. Now THAT is some creative retaliation right there.

Despite so many people clambering for Senator Marco Rubio (R-FL) to be number two on the GOP ticket, it seriously looks like that will not happen this go-round.

A group of Catholic nuns is going on the road to fight for social justice and highlighting the church's work with the homeless and the sick instead of doing what the Vatican wants them to do...you know, like demogoging against the gays (silly nuns).

And lastly, new HRC President Chad Griffin talks about the plight of LGBT youth.

Visit msnbc.com for breaking news, world news, and news about the economy

The Wrap-Up: February 27, 2012

With Washington state likely to face a ballot measure on marriage equality in November, current polling is pretty tight.

That is one reason that organizations like/including NOM are trying stunts like this to confuse Washingtonians. Another reason being they're just plain unscrupulous.

Things that make Rick Santorum sick: separation of church and state. Things that make me sick: Rick Santorum.

Speaking of Rick, on yesterday's Meet the Press, David Gregory calls Santorum out on his constant talk of social issues as Santorum tries to have it both ways.

If you have some conservative friends, there are some questions you should ask them.

Sen. Sweeney (right) with Gov. Christie

The story of this Republican's change of heart is further proof that change is possible when we are ourselves openly and honestly.

When a presidential candidate is struggling in their home state of all places, they are REALLY in trouble.

Big banks (Bank of America, Wells Fargo, etc) have seen record numbers of people leaving. Now, churches are dumping them as well.

The President of the New Jersey state Senate has made a promise to Governor Chris Christie.

And lastly, some members of Congress have taken some special photographs.