Why is this issue so important NOW?
United States representatives are currently shaping legislation to curb the abuses of Wall Street. Yet the powerful highly-financed "K Street" lobbyist are pouring millions of dollars into politicians pockets to stop or to water-down any such amendments. We must act now to insure that sensible regulations are to put in place.
The six biggest banks in the United States now possess assets equivalent to 60 percent of America's gross national product. Back in the 1990s that figure was less than 20 percent. These six banks - Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo - literally dictate what goes on in the U.S. banking industry.
On Thursday May 7th, an amendment, the “SAFE banking Act” was defeated in the Senate (Diane Feinstein voted against). The amendment which would have put specific ceilings on the size of banks, builds on a provision already in the Senate’s financial regulatory overhaul package that is meant to limit future growth of large Wall Street firms.
What will future bills bring to the table? Will the politicians truly be effective to stop further abuses by Wall Street? Are the provisions being decided in back-room deals between Wall Street lobbyist and our elected officials?
It is time for us to be vigilant.
We must insist that our representatives be accountable to the American people not to the moneyed interest of Wall Street.
We must support Main Street banks over Wall Street banks.
Newsweek: Bust up the Banks
From one of the authors of "13 Bankers", The Baseline Scenario
To find out what real financial reform needs to look like, Bill Moyers turns to Simon Johnson and James Kwak, the co-authors of 13 BANKERS: THE WALL STREET TAKEOVER AND THE NEXT FINANCIAL MELTDOWN.
New York Times: Financial Debate Renews Scrutiny on Banks’ Size
Huffington Post: Top Fed Official Wants To Break Up Megabanks, Stop The Fed From Guaranteeing Wall Street's Profits
The Sunlight Foundation