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I got you, babe

In the late 1970s, Sonny and Cher sang this cute tune. They were singing to each other. Now our Senators are singing the same song to Wall Street. Brown-Kaufman was a reasonable proposal. It limited the size of banks to a percentage of our GDP. The proposal went down in flames. Why? Wouldn’t limiting bank size actually help the middle class? I thought that’s what Congress wanted to do… help the middle class?

Simon Johnson has more:

The Brown-Kaufman SAFE Banking Amendment proposed a hard size cap on our largest banks, limiting their assets to a very small fraction of the size of our economy.  The premise was simple – and could fit on a bumper sticker (or in a campaign flyer for November) – “too big to fail” is too big to exist.

But this proposal to modify the Dodd-Frank financial reform bill failed in the Senate in early May, by a vote of 33-61, with 27 Democrats voting against the idea.  Since that time, Democratic supporters have been asking their representatives the obvious question: Why did you vote against Brown-Kaufman?

Interestingly, no senators yet have replied – at least on the record – that the power of the megabanks was too great to be overcome.  Instead, there are three main arguments going the rounds.

First, some argue that the Brown-Kaufman would by itself not have completely solved all the problems that can cause our financial system to meltdown.  As one senator put it in a recent letter, “[Brown-Kaufman] would not solve the problem of systemic risk and systemically important institutions in a comprehensive manner.” (more…)

By |2010-08-21T09:11:19-04:00August 21st, 2010|Economy|Comments Off on I got you, babe

Debates – Chris Dodd on Gas Prices

Although this is a nice answer, it really isn’t the right answer.  The “right” answer is gas prices are now high and the Congress should do everything that it can to lower prices.  As President I will begin the long process of decreasing our dependence on foreign oil.  Switch grass and corn are only temporary solutions.  Electric cars can be here tomorrow, all we need is the will.

By |2007-06-04T23:20:19-04:00June 4th, 2007|Election 2008|Comments Off on Debates – Chris Dodd on Gas Prices
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