Archive for too big to fail

Elizabeth Warren Has Divined and Deployed Her Life's Work

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YellenWarrenw212h202
We all get grrrreat liberal email, amidst the junk, but it's especially exciting when something new about our amazing Elizabeth Warren, the Senator from the Commonwealth of Massachusetts, is waiting to be opened.

This morning it was Howard Dean in tandem, a good pairing for progressives. The active and admirable group, Democracy for America, is turning ten.

Hi Sherry -- I just wanted to make sure you had a chance to read the inspiring email that Sen. Elizabeth Warren wrote to DFA members below. I'm so thrilled with what we've built together over the last 10 years. With your critical support now, we can super-charge our people-powered legacy and elect more "Elizabeth Warren Democrats" to Congress -- the kind of leaders who will take our country back from the banks and billionaires.
- Howard

DFA has perhaps not embraced the absolute most progressive candidate for every round of their online grassroots inspired 'Dean Dozen' ... but they've come mightily close and have helped elect 801 Dems besides Elizabeth Warren who would collectively and individually freak the be-jeebus out of Sarah Palin and her Lipton Brigadiers.

chickfil-a

An arugula munching crowd that in toto would send Rush Limpbaugh dashing for enough manufactured hysteria to keep him in leather ass-less chaps for years. [Long running Free Range joke, The Rushbot has a purported fondness for frolicking in asslesss leather chaps while high. ūüėČ ]

Warren's own message was typically optimistic and energizing.

DFA fought shoulder-to-shoulder with me to defeat Scott Brown in 2012, but that's not the only way they've had my back. Over the past year, they've made my fight for the middle class their fight -- and they have doubled down on leveling the playing field for working Americans, fighting with energy and passion.

When I introduced my very first bill, the Bank on Students Loan Fairness Act,more than 50,000 DFA members signed a petition supporting it. Together, we fought back against cuts to Social Security, helping President Obama decide to drop "chained CPI" from his budget completely.

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For sheer enjoyment, plus the splendid edification(!)some great audio of Warren from a recent discussion of where the middle class is headed in the Twenty Teens … 'to hell in a highly gussied hand basket' would be the Jeopardy answer. The Young Turks get the sincere tip of the hat, for Roaring Warren!

ifwallstreet

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Elizabeth Warren Does What Hillary Clinton Could Never Do

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YellenWarrenw212h202Do you want to know why there's a draft Elizabeth Warren movement growing by leaps and bounds? The answer is found by simply watching the Massachusetts senator calmly, quietly, and succinctly destroy Fed Chairman Janet Yellen.

You don't have to know anything about banking and finance to understand Senator Warren spelling out precisely that the Federal Reserve Board is still not doing its job. They're kowtowing to the huge money institutions and allowing "too big to fail" to continue.

What's below is priceless. Smart as Hillary Clinton is,  she could never do this:

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GOP Won't Vote To Protect Our Borders But They Do Vote To Protect Wall Street

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Wall Street

While the GOP is playing games of distraction with the lives of innocent children at our border, with phony IRS scandals perpetrated by Darrell Issa, and bogus Benghazi fantasies trashing human lives, the Republicans quietly used that to very quietly pass a bill which will impact all of us. If you don't know what I'm talking about, then the GOP has done its job of 'follow the shiny object' while they attack us and our financial and consumer protections.

While the GOP won't vote for money to protect our borders, it quietly found time to vote on a bill to protect Wall Street.

Raw Story:

WASHINGTON (Reuters) ‚Äď The Republican-led U.S. House of Representatives on Wednesday passed a bill to slash funding for Wall Street oversight and revamp new agencies dedicated to cracking down on fraud against consumers and policing risks after the financial crisis.

The $21.3 billion funding bill, which covers appropriations for the 2015 fiscal year beginning Oct 1 for financial services and other areas of government, passed the House in a 228 to 195 vote along largely partisan lines.

Ask yourself this: why are Republicans protecting Wall Street over the US citizenry? They claim border security is a major concern. What about our financial security and our customer fraud protections?

It [the bill] would temporarily bar a group of regulators responsible for policing market risks from designating large non-bank companies as ‚Äúsystemically important‚ÄĚ ‚Äď so big that their failure would destabilize markets.

In lay terms, it would make them "Too big to fail, too big to jail." Is that really the GOP looking out for us? Can any Republican say, "Lehman Brothers?"

The legislation would also cut mail delivery on Saturdays. Along with that is another seemingly unrelated issue to the Wall Street funding bill. This piece of legislation would prevent the District of Columbia from using federal funds to pay for abortions [including incest and rape victims] and implement rules that decriminalize marijuana use. What's the connection to Wall Street oversight with these tag-ons? Is this a funding bill or some criminal bill? Maybe the only thing criminal about it is that it passed the GOP house.

So as not to make this sound too one-sided. The House Republicans in this spending bill did take a much needed stab at cutting the deficit with a partial spending off-set.

It includes a ban on using taxpayer funds to pay for oil paintings of government officials, including the president and members of Congress.

If that makes it through the Democratic senate (fat chance there), we'll finally have a cost saver we can all live with.

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Sallie Mae Go Away

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Elizabeth Warren

Start with this jaw-dropping introduction by Huffpo:

Student loan giant Sallie Mae is currently under fire from lawmakers, federal regulators, consumer groups and student advocates for allegedly violating numerous consumer protection laws. The company is facing accusations that it cheats soldiers on active duty, engages in discriminatory lending, pushes borrowers into delinquency by improperly processing their monthly payments, and doesn't provide enough aid to borrowers in distress.

Then I say, screw them. No wonder Senator Elizabeth Warren has been calling for investigations into the student loan industry.

The U. S. Department of Education surely has options. Luckily there's a small window of opportunity here before the current contract with Sallie Mae is up in June.

The new contract, which would run through June 2019, is potentially worth hundreds of millions of dollars. Last year, Sallie Mae recorded $84 million in revenue from its Education Department contracts. But the company wants more.

In its latest annual report, released in February, Sallie Mae told investors that in the 2013 fiscal year, the Education Department was projected to originate more than $121 billion in new loans and dole out more than $1 billion in servicing and other fees -- a large slice of which Sallie Mae hoped to capture.

Why isn't the DofE out there soliciting bidders? Something's not right here -- and the implication from this perceived closed bidding is that there's some shenanigans going on here. If we're willing to offer bail outs and support a 'too big to fail' philosophy, why don't we support 'small enough to fail but small enough to care?' Why not a consortium of smaller financial institutions and investors who want to make big money?

Student loan default rates have become alarmingly high. But much of that could be attributed to the onerous overseeing of Sallie Mae and their untoward business practices. If Sallie Mae cheats, why reward them?

Even better put is Senator Warren's comments:

The agency has yet to respond to a¬†Sept. 19 letter from Sen. Elizabeth Warren (D-Mass.)¬†criticizing it for its apparent inability to hold Sallie Mae accountable, despite what Warren described as a ‚Äúpattern of breaking the rules and ignoring its contractual obligations.‚ÄĚ

If Sallie Mae’s past actions have not warranted an end to its federal contracts, Warren asked Education Secretary Arne Duncan, under what circumstances would the department terminate a contract with a law-breaking company?

What we need is to listen more to Senator Warren and less to Sallie Mae -- and it's mouthpiece, Arne Duncan. C'mon Mr. Secretary, grow a pair -- a big pair -- and stand up for the students of America, not a corrupt, lawbreaking organization.

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