Tag: banking industry

The Banks Want More

I know it is hard to fathom, but for some reason the big banks don’t believe they have enough power or influence in Washington. They’ve even taken out a SuperPAC so they can throw more money around. The whole thing is depressing. The fact that we went into the biggest recession since the Great Depression because the big banks were playing roulette with our money doesn’t seem to phase them. They have no pity. They have no shame. The fact that they treat us like small piles of money instead of as individuals doesn’t phase them either. From Alter-Net: Friends Of

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This guy gets it

This was a very thoughtful comment to a very nice Vanity Fair article WW2 spending and debt brought us out of the Great Depression and won WW2. Spending increased to ~35% of the economy and the federal debt was ~122% of the economy at the end of the war. The debt had been reduced to 33% when Reagan was inaugurated; the debt doubled as a percentage of the economy under Reagan and Bush I as federal spending was between 22 and 25% of the economy, after being under 20% from 1946 to 1980. Reagan also started the deregulation of the banking industry

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Phil Gramm Freed the Banks

Gramm-Leach-Bliley Act was passed as recently as 1999, but I don’t remember hearing anything about this. Anyway, I did some research. This Act was a huge coup by the banking industry. This bill allowed banks to things that they never could before, like leverage. investment because of decreased requirement on ow much capital they had to keep on hand. Why this bill zoomed through Congress and was signed by President Clinton is a mystery to me. All of the Republicans in Congress supported this bill. I think that all of the Democrats opposed it. (It passed on a party line vote,

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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