By Dennis Brault
The Commoner Call (5/28/18)
The Commoner Call (5/28/18)
Trump just signed, and a bipartisan congress passed (RON KIND), a bill that says banks worth $249- $50 billion are NOT deemed important enough and therefore are allowed to fail. Four regional banks fail, worth $249 billion each, and a quick trillion evaporates from the economy. Regional and medium sized banks are doing fine and don’t need this. How is this loss of taxpayer protections, against a future economic bubble bursting, a good thing? Why RON KIND?
Why would congress do this? Why RON KIND? It couldn’t be that this is an election year and that the cash from medium and regional banks, worth between $249 and $50 billion, comes in mighty handy when campaigning. Could it RON KIND? No, of course not, that would be an illegal bribe. It’s really just 14th Amendment corporate-persons exercising their First Amendment right to let their money do the talking for them.
Which is why it’s so important that we…..
#GetMoneyOut & #MoveToAmend
“In reality, the bill will deregulate 25 of the 38 largest banks in America, weaken capital requirements that force banks to pay for their own mistakes, free some lenders from disclosing data used to detect lending discrimination and largely handcuff the Federal Reserve’s ability to apply special regulations to the biggest banks, to name just a few provisions. Plus, the changes have already begun to consolidate the banking sector, with the very community banks the bill was intended to help being scooped up by larger rivals. Combined with efforts inside the agencies that regulate banks to weaken rules, it represents a pendulum shift away from safety and toward another financial crisis.”
Rep. Ron Kind’s neoliberal organization also gets a mention: “Twenty-seven members of the conservative New Democrat Coalition supplied nearly all of the Democratic votes.”
Really Ron? Whose side are you on? It sure isn’t the taxpayers in your district. You must be on the side of the actual constituency you pay attention to: private and corporate wealth.
(Commoner Call photo by Mark L. Taylor, 2018. Open source and free for non-derivative use with link to www,thecommonercall.org )