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And it mentioned the type of casino arm of banking, the investment bank, should be separate from the business bank, which is like your grandma's financial savings account and a type of depository establishment. And so, the thought behind the Volcker Rule is, let’s take the stuff that put the entire economy in danger in 2008 and say that these huge banks that enjoy the Fed discount window and all of this implicit authorities backing aren’t allowed to make these dangerous bets anymore. So we might really like to see extra individuals submitting public remark on this-it’s known as the rulemaking course of. And all people at Occupy Wall Avenue has their passion and their space of experience, and I assume we’re simply kind of the dorky monetary people of Occupy Wall Road. And, for instance, we were taught-instructed by Washington that we have been to check with banks as our “clients” in our position as regulators and to think of them as shoppers. SEN. HARRY REID: I think this piece of laws is about as weak and senseless as something that has ever come on this Senate floor. Where did this $thirteen trillion come from? And the result was that, while lots of the $16 trillion have been repaid, there has been a residue of $13 trillion added to the government debt since September 2008, when all of this began. So danske casinoer online the query is, if they'll create a $13 trillion on a computer keyboard, taking over Fannie Mae and Freddie Mac, and the Federal Reserve can merely give this money, why can’t they, over 50 years, pay the trillion dollars for the Medicare and the Social Security?
And that is mainly the period after something becomes a law however before it becomes the ultimate regulation, where the public can weight in. MICHAEL HUDSON: The banks, usually, wouldn’t back something that was going to result in extra foreclosures. They weren’t for the strong securities that did again out the deposits. He tried very exhausting to impose austerity on the United States again in 2011, which is-he needed, you already know, the European strategy, which has pushed the eurozone again into recession, and Spain, Greece and Italy into Great Depression ranges of unemployment. ALEXIS GOLDSTEIN: It was a regulation that was handed within the '30s within the wake of the nice Depression as a response to that big 1929 crash.
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William Black, author of One of the best Technique to Rob a Bank Is to Own One , he’s affiliate professor of economics and legislation at the University of Missouri-Kansas City, former senior financial regulator. It provides him with the debt limit increase that he’s requested. He’s a Wall Street Democrat, which we used to call Republicans. But I might additionally say that we sort of attempt to engage with the larger Occupy Wall Street, you understand, group as a lot as possible. Lew was an executive at Citigroup from 2006 to 2008 on the time of the financial disaster. Your assessment of Jack Lew? WILLIAM BLACK: Well, on financial issues, Jack Lew has been a failure of fairly epic proportions, and he will get promoted precisely because he is willing to be a failure and is so helpful to Wall Street pursuits. AMY GOODMAN: Discuss personal equity funds and carried interest, why, for instance, Mitt Romney gets to pay a decrease tax rate. To speak extra concerning the https://www.eisenbahnlehrpfad.de/online-casino-100 debt debate in Washington, as well as the general financial disaster right here and in Europe, we’re joined by economist Michael Hudson, president of the Institute for the Examine of Lengthy-Term Economic Traits, Distinguished Research Professor of Economics on the University of Missouri, Kansas City, and creator of Tremendous Imperialism: The Financial Strategy of American Empire. So, for all the talk on the market about deficit reduction, making sure our books are balanced, that is the man who did it-thrice.
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