Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

July 17, 2010

"Breaking up the Banks" becoming Mainstream?

A member of the Federal Reserve Bank, Richard Fisher, has said

A truly effective restructuring of our regulatory regime will have to neutralize what I consider to be the greatest threat to our financial system's stability -- the so-called too-big-to-fail [banks].

So, if anyone ever poo poos the intent to "break up the banks," inform them that a president of the Dallas, Texas Federal Reserve proposes doing just that. Referring to a more desirable international agreement to limit bank size, Fisher goes as far as to say

If we have to do this unilaterally, we should.

For Your Convenience:Sources:

Jim Hightower, Progressive Populist, May 1, 2010.

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June 11, 2009

Stiglitz on Breaking the Bank's Grip

Former World Bank Chief Economist and Nobel Prize winner Joseph Stiglitz is trying to rally public to check the power of the banks. Stiglitz is featured in Episode 14 of GDAE Podcast if you want to hear him in his own words.

Here are some of Joseph Stiglitz's words:

It has long been recognized that the US banks that are too big to fail are also too big to be managed.

The rigged system:

If they take big bets and win, they walk away with the proceeds, if they fail, the Government picks up the tab.

It's not the Banks that are being bailed out:

The Obama Administration has succumbed to political pressure and scare-mongering by the big banks and, as a result, has confused bailing out the bankers and their shareholders with bailing out the banks.

Justice and Anger:

Rewriting the rules of the market economy — in a way that has benefited those that have caused so much pain to the entire global economy — is worse than financially costly. Most Americans view it as grossly unjust, especially after they saw the banks divert the billions intended to enable them to revive lending, to payments of outsized bonuses and dividends

A Prediction:

This ersatz capitalism, where losses are socialized and profits privatized, is doomed to failure.

Sources:

Business, Day, Break the banks, for the good of the people, Joseph Stiglitz, June 10, 2009.

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April 25, 2009

19 Largest Banks

Here's a list of the 19 biggest banks in order from largest to smallest:
  • JPMorgan Chase & Co.,
  • Citigroup Inc.,
  • Bank of America Corp.,
  • Wells Fargo & Co.,
  • Goldman Sachs Group Inc.,
  • Morgan Stanley,
  • MetLife Inc.,
  • PNC Financial Services Group Inc.,
  • U.S. Bancorp,
  • Bank of New York Mellon Corp.,
  • GMAC LLC,
  • SunTrust Banks Inc.,
  • State Street Corp.,
  • Capital One Financial Corp.,
  • BB&T Corp.,
  • Regions Financial Corp.,
  • American Express Co.,
  • Fifth Third Bancorp, and
  • KeyCorp...


Sources:

Associated Press, Meltdown 101: How do bank 'stress tests' work?, DANIEL WAGNER, April 24, 2009.

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April 16, 2009

April 9, 2009

GDAE Podcast - Episode 10

Episode 10 - April 9, 2009
  • Humor
  • Democrats' role in the financial meltdown
  • A Theory on Why Obama Appointed Timothy Geithner to be Treasury Secretary
  • Deep questions about the financial crisis... or Humor?
  • Call to Action on April 11 - Break up the Banks. Find a Protest Near you at A New Way Forward.
  • MUSIC: Ryan Harvy on "Writer's Bloc Blues"
  • Catherine Austin-Fitts on Withdrawing from the System and Acting Locally
  • Words from a Common Man: More Localism on Electric Energy
  • Spain's pending indictment of Bush administration officials as on Rachel Maddow can describe it.

    You can take ACTION: AskDOJ@USDOJ.gov Urge Attorney General Eric Holder to investigate Bush administration officials for wide ranging crimes.

Play GDAE Podcast Episode 10 from this page.

Previous Episodes & 60-Sec Promo:

GDAE Podcast Episode 9 March 28, 2009
GDAE Podcast Episode 8 March 15, 2009
GDAE Podcast Episode 7 March 1, 2009
GDAE Podcast Episode 6 February 17, 2009
GDAE Podcast Episode 5 February 6, 2009
GDAE Podcast Episode 4 January 24, 2009
GDAE Podcast 60-Second Promo

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April 7, 2009

April 11: Take to the Streets!

In reaction to Wall-Street-friendly bailout plans coming from Obama's economic team, senior journalist Bill Moyers recently asked "Are we chumps?" His guest, MIT economist Simon Johnson, bumbled a bit, then settled in on the right answer:

We'll find out. Yes, we may be. Okay. It depends on how we play this politically. It depends on what our political system does. It depends, I think, on the level of reaction.

This Saturday, April 11, 2009, is your opportunity to react with others, thanks to a group of organizers calling this initiative "A New Way Forward." Take to the Streets!

What do you write on your placard?
  • "Break up the Banks"
  • "It's Wealth Distribution Stupid"
  • "Put Homeowners First, Not the Banks"
  • "Who would Jesus Bail out?"
  • "Enough is Enough"
  • "No More Handouts"
  • "Expose the Insolvency Cover Up"
The New Way Forward gives other ways to "vote":

Sign the Pledge calling for too-big-to-fail banks to be broken apart
Follow on Twitter
Join the Way Forward Group on MySpace
Be a Fan on Facebook

Lets not be taken for chumps! Find a group of people assembling near you using the link below. Be part of the coordinated reaction. If you don't find a gathering, you can start one using the handy calendar tool at the New Way Forward web page.

Share this link with your friends: http://anewwayforward.org/demonstrations/

Here's a taste of the growing list of cities and towns that are getting organized to let the powers that be know what they are up against:

Anchorage, AK at Corner of Northern Lights and Seward Highway more

Corner of Northern Lights and Seward Highway December 31, 1969 at 4:00pm
600 E Northern Lights Blvd 907-338-0695
Approx Capacity: 0 55 people plan to attend.
Organized by: Samuel Bair
-->

Fayetteville, AR at On the University of Arkansas campus in front of Old Main more

On the University of Arkansas campus in front of Old Main December 31, 1969 at 4:00pm
Arkansas Avenue
Approx Capacity: 0 5 people plan to attend.
Organized by: George Sakhel
-->

Phoenix, AZ at Sidewalks outside AIG building more

Sidewalks outside AIG building December 31, 1969 at 4:00pm
Central Ave and Thomas Road, NE corner Stay on city owned sidewalks and don't block foot traffic
Approx Capacity: 5000 153 people plan to attend.
Organized by: Cheryl C
-->

Tucson, AZ at sidewalks outside Chase Bank, Swan@Speedway more

sidewalks outside Chase Bank, Swan@Speedway December 31, 1969 at 4:00pm
4711 E. Speedway corner of Speedway and Swan
Approx Capacity: 0 42 people plan to attend.
Organized by: Richard
-->

Eureka, CA at waterfront park more

waterfront park December 31, 1969 at 4:00pm
Sea ave. 7072680960
Approx Capacity: 0 84 people plan to attend.
Organized by: Thom Notwell
-->

Los Angeles, CA at Federal Building more

Federal Building December 31, 1969 at 4:00pm
11000 Wilshire Blvd
Approx Capacity: 0 258 people plan to attend.
Organized by: steve
-->

Redding, CA at Redding City Hall more

Redding City Hall December 31, 1969 at 4:00pm
777 Cypress Avenue
Approx Capacity: 100 14 people plan to attend.
Organized by: Ivan
-->

Sacramento, CA at State Capitol more

State Capitol December 31, 1969 at 4:00pm
1200 L-ST.
Approx Capacity: 2000 71 people plan to attend.
Organized by: PETER
-->

San Diego, CA at Embarcadero more

Embarcadero December 31, 1969 at 4:00pm
Pacific Highway and Broadway 858-331-1817
Approx Capacity: 5000 171 people plan to attend.
Organized by: Stephen
-->

San Francisco, CA at Federal Reserve BANK more

Federal Reserve BANK December 31, 1969 at 4:00pm
101 Market Street
Approx Capacity: 0 181 people plan to attend.
Organized by: plutarch
-->

Santa Barbara, CA at Santa Barbara Museum of Art more

Santa Barbara Museum of Art December 31, 1969 at 4:00pm
1114 State Street ( X Anapamu St.) (805)962-9332
Approx Capacity: 0 2 people plan to attend.
Organized by: Lois Hamilton
-->

Santa Cruz, CA at County Offices more

County Offices December 31, 1969 at 4:00pm
water st and ocean ave maya11125@yahoo.com
Approx Capacity: 0 95 people plan to attend.
Organized by: maya kha
-->

Boulder, CO at Sister Cities Park, east side of Municipal Building more

Sister Cities Park, east side of Municipal Building December 31, 1969 at 4:00pm
Canyon and Broadway 303-444-6981x2
Approx Capacity: 0 12 people plan to attend.
Organized by: Carolyn Bninski
-->

Denver, CO at State Capitol - West End more

State Capitol - West End December 31, 1969 at 4:00pm
West End Steps of the Capitol 303-350-7019
Approx Capacity: 0 140 people plan to attend.
Organized by: Jackie
-->

Durango, CO at SE Corner of College (6th St.) & Main Ave., Durango, CO more

SE Corner of College (6th St.) & Main Ave., Durango, CO December 31, 1969 at 4:00pm
College & Main
Approx Capacity: 0 11 people plan to attend.
Organized by: Nathan
-->

Hartford, CT at Senator Dodd's Office more

Senator Dodd's Office December 31, 1969 at 4:00pm
30 Lewis St and nearby portion of Bushnell Park 860-726-8700
Approx Capacity: 1000 78 people plan to attend.
Organized by: Kanishka Azimi and Mallory
-->

New Haven, CT at TO BE DECIDED - NEGOTIABLE, NEW HAVEN AREA

TO BE DECIDED - NEGOTIABLE, NEW HAVEN AREA December 31, 1969 at 4:00pm
?????????????? ???????????/ 000-000-0000
Approx Capacity: 0 7 people plan to attend.
Organized by: Trevor Masterson
-->

Washington , DC at Lafayette Park more

Lafayette Park December 31, 1969 at 4:00pm
1600 H St. NW
Approx Capacity: 1000 336 people plan to attend.
Organized by: beth pointer
-->

Gainesville, FL at Downtown Plaza more

Downtown Plaza December 31, 1969 at 4:00pm
Approx Capacity: 0 42 people plan to attend.
Organized by: Faith Carr
-->

Jacksonville, FL at TBA more

TBA December 31, 1969 at 4:00pm
TBA 904-733-1234
Approx Capacity: 0 1 people plan to attend.
Organized by: Duke Fagan
-->

Fairburn, GA at FEDERAL RESERVE BANK - ATLANTA more

FEDERAL RESERVE BANK - ATLANTA December 31, 1969 at 4:00pm
9710 Cedar Grove Rd
Approx Capacity: 0 16 people plan to attend.
Organized by: MIKE RUCKER
-->

Iowa City, IA at College Green Park more

College Green Park December 31, 1969 at 4:00pm
College St. 319-337-3535
Approx Capacity: 100 50 people plan to attend.
Organized by: Sarah Swisher
-->

Chicago, IL at 230 S. Dearborn more

230 S. Dearborn December 31, 1969 at 4:00pm
LaSalle Street
Approx Capacity: 0 274 people plan to attend.
Organized by: Debby Fay
-->

Lexington, KY at Triangle Park more

Triangle Park December 31, 1969 at 4:00pm
Main Street and Broadway 859-278-1965
Approx Capacity: 100 32 people plan to attend.
Organized by: Debbie Stoops
-->

Baton Rouge, LA at Jefferson Terrace S/D more

Jefferson Terrace S/D December 31, 1969 at 4:00pm
Upton and Azrok
Approx Capacity: 5 9 people plan to attend.
Organized by: charles
-->

Boston, MA at Boston Common more

Boston Common December 31, 1969 at 4:00pm
Bound by Tremont, Beacon, Charles, Park and Boylston Streets MB 1 774 573 2805
Approx Capacity: 10000 343 people plan to attend.
Organized by: Matt Zaccarino
-->

Augusta, ME at State House more

State House December 31, 1969 at 4:00pm
State House Station Capitol St.
Approx Capacity: 0 55 people plan to attend.
Organized by: Jane
-->

Detroit, MI at City County Building more

City County Building December 31, 1969 at 4:00pm
1 Woodward Ave
Approx Capacity: 0 114 people plan to attend.
Organized by: Beth Breidenstein
-->

Holland, MI at 645 Wilshire Ct. more

645 Wilshire Ct. December 31, 1969 at 4:00pm
645 Wilshire Ct. 6163358076
Approx Capacity: 0 7 people plan to attend.
Organized by: Don Brake
-->

Marquette , MI at UP Post Office 12 Noon more

UP Post Office 12 Noon December 31, 1969 at 4:00pm
3rd & Washington St
Approx Capacity: 0 2 people plan to attend.
Organized by: Richard Bourgeois
-->

St. Paul, MN at State Capitol, St. Paul, MN more

State Capitol, St. Paul, MN December 31, 1969 at 4:00pm
Approx Capacity: 0 101 people plan to attend.
Organized by: Walt
-->

Saint Louis, MO at Under the Arch more

Under the Arch December 31, 1969 at 4:00pm
Approx Capacity: 0 114 people plan to attend.
Organized by: Eric Hoffpauir
-->

Springfield, MO at Glenstone and Battlefield more

Glenstone and Battlefield December 31, 1969 at 4:00pm
Approx Capacity: 0 17 people plan to attend.
Organized by: Patrick Bills
-->

Hickory, NC at Union Square more

Union Square December 31, 1969 at 4:00pm
Union Square NW
Approx Capacity: 0 12 people plan to attend.
Organized by: Ed Crump
-->

Raleigh, NC at Bicentennial Plaza more

Bicentennial Plaza December 31, 1969 at 4:00pm
1 E Edenton St. 802 922 1719
Approx Capacity: 0 257 people plan to attend.
Organized by: Zephyr Teachout
-->

Newark, NJ at Robert A. Roe Federal Building in Paterson, NJ more

Robert A. Roe Federal Building in Paterson, NJ December 31, 1969 at 4:00pm
200 Federal Plaza 973-968-5073
Approx Capacity: 0 40 people plan to attend.
Organized by: Michael Atkin
-->

North Bergen, NJ at 80th st. Park more

80th st. Park December 31, 1969 at 4:00pm
80th st. (201) 401-2129
Approx Capacity: 0 12 people plan to attend.
Organized by: Joaquin Santelices
-->

Albuquerque, NM at First Plaza Galeria more

First Plaza Galeria December 31, 1969 at 4:00pm
20 First Plaza N.W. (505)315-2537
Approx Capacity: 0 45 people plan to attend.
Organized by: Deborah L. Hall
-->

Lockport, NY at Lockport City Building more

Lockport City Building December 31, 1969 at 4:00pm
Main Street
Approx Capacity: 0 25 people plan to attend.
Organized by: Judy Snow
-->

New Paltz, NY at In front of the Elting Library more

In front of the Elting Library December 31, 1969 at 4:00pm
Main and N Front Streets
Approx Capacity: 0 1 people plan to attend.
Organized by: Barbara Upton
-->

New York, NY at Union Square more

Union Square December 31, 1969 at 4:00pm
14th St. & Broadway
Approx Capacity: 0 399 people plan to attend.
Organized by: Gabrielle
-->

Poughkeepsie, NY at In front of Dutchess County Office Building

In front of Dutchess County Office Building December 31, 1969 at 4:00pm
22 Market Street (845) 489-5479
Approx Capacity: 200 1 people plan to attend.
Organized by: Dutchess County Legislator Joel Tyner
-->

Cleveland, OH at Willard Park at corner of Lakeside and E. 9th more

Willard Park at corner of Lakeside and E. 9th December 31, 1969 at 4:00pm
216-255-2184
Approx Capacity: 100 79 people plan to attend.
Organized by: Greg Coleridge
-->

Columbus, OH at Ohio Statehouse more

Ohio Statehouse December 31, 1969 at 4:00pm
77 S High St
Approx Capacity: 0 66 people plan to attend.
Organized by: Johnny Milaychev
-->

Oklahoma City, OK at State Capital more

State Capital December 31, 1969 at 4:00pm
2300 N Lincoln Blvd 4052551897
Approx Capacity: 5000 4 people plan to attend.
Organized by: Charlie Mai
-->

Portland, OR at Pioneer Square more

Pioneer Square December 31, 1969 at 4:00pm
Pioneer Square
Approx Capacity: 0 186 people plan to attend.
Organized by: Mike
-->

Philadelphia, PA at Convention Center more

Convention Center December 31, 1969 at 4:00pm
Approx Capacity: 0 36 people plan to attend.
Organized by: Nancy
-->

Pittsburgh, PA at City Hall more

City Hall December 31, 1969 at 4:00pm
Apt. 96 154 N. Bellefield Avenue 412-477-2922
Approx Capacity: 0 103 people plan to attend.
Organized by: Winnie Frolik
-->

Charleston, SC at Ravenel Bridge more

Ravenel Bridge December 31, 1969 at 4:00pm
1514 Brookbank Avenue 843.810.0088
Approx Capacity: 10 111 people plan to attend.
Organized by: Shea Onofrey
-->

Nashville, TN at Legislative Plaza Downtown more

Legislative Plaza Downtown December 31, 1969 at 4:00pm
Union & 6th Ave.
Approx Capacity: 0 15 people plan to attend.
Organized by: Karina
-->

Austin, TX at South steps of the Texas State Capitol building (Austin) more

South steps of the Texas State Capitol building (Austin) December 31, 1969 at 4:00pm
112 E 11th St, Austin, TX‎
Approx Capacity: 0 206 people plan to attend.
Organized by: Steve
-->

Dallas, TX at AIG Building on Walnut Hill more

AIG Building on Walnut Hill December 31, 1969 at 4:00pm
8144 Walnut Hill Ln
Approx Capacity: 0 84 people plan to attend.
Organized by: Carrie
-->

Houston, TX at Federal Reserve Bank, Houston Branch more

Federal Reserve Bank, Houston Branch December 31, 1969 at 4:00pm
1801 Allen Pkwy
Approx Capacity: 100 32 people plan to attend.
Organized by: Justin McMurtry
-->

Salt Lake City, UT at Utah State Capital Building - South Side more

Utah State Capital Building - South Side December 31, 1969 at 4:00pm
State Capital Building - South Side 801-883-9304
Approx Capacity: 0 15 people plan to attend.
Organized by: Debra Rowley
-->

Harrisonburg, VA at Court Square more

Court Square December 31, 1969 at 4:00pm
1 Market Stret 540-810-1866
Approx Capacity: 1 16 people plan to attend.
Organized by: Robert Crittenden
-->

Montpelier, VT at statehouse lawn more

statehouse lawn December 31, 1969 at 4:00pm
802 244 1889
Approx Capacity: 0 3 people plan to attend.
Organized by: Brian Forrest
-->

Seattle, WA at Victor Stienbrueck Park more

Victor Stienbrueck Park December 31, 1969 at 4:00pm
at Pike's Place Market downtown
Approx Capacity: 0 296 people plan to attend.
Organized by: Candice Morgan
-->

Madison, WI at North face of the Capitol more

North face of the Capitol December 31, 1969 at 4:00pm
2 East Main St
Approx Capacity: 0 39 people plan to attend.
Organized by: Danielle Bever
-->

Milwaukee, WI at Chase Bank plaza more

Chase Bank plaza December 31, 1969 at 4:00pm
Water and Wisconsin St.s intersection
Approx Capacity: 200 7 people plan to attend.
Organized by: Victoria
-->

Victoria, British Columbia at Provincial Legislature grounds more

Provincial Legislature grounds December 31, 1969 at 4:00pm
501 Belleville St
Approx Capacity: 0 16 people plan to attend.
Organized by: Nathan
--> Ottawa, ON at Parliament Hill more

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March 29, 2009

Too Big to Fail....



... Too Big to Exist*.


There's a simple solution to the "too-big-to-fail" problem: Break up those huge financial institutions.

Now is the time to act, when the failing financial corporations should be dissected into parts that support main street, and the speculative parts should be allowed to fail.

START, by Signing the petition to Congress:
http://www.democrats.com/break-up-the-banks


Then, take to the streets:

On Saturday April 11, A New Way Forward will lead protests all across the country to demand these changes. Find one near you:
http://www.anewwayforward.org/rally-list.php

And if you're in New York City on Friday April 3, join the National March on Wall Street:
http://www.bailoutpeople.org/april3-4.shtml


* If an entity needs to be too big to fail, then it should be tightly chartered and regulated like a utility.

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March 15, 2009

GDAE Podcast Episode 8

Episode 8 - March 15, 2009 
  • Music by Ryan Harvey about a Swimm'n Hole;
  • Nancy Pelosi on the Prosecution of Bush administration officials (Rachel Maddow Excerpt);
  • Rolling Stone's Matt Taibbi on the Depths of the Financial Crisis (Media Matters Excerpt);
  • E-mails and Protest Placards
  • Nationalizing banks, a Definition.

Play GDAE Podcast Episode 8 from this page.

Previous Episodes & 60-Sec Promo:

GDAE Podcast Episode 7 March 1, 2009
GDAE Podcast Episode 6 February 17, 2009
GDAE Podcast Episode 5 February 6, 2009
GDAE Podcast Episode 4 January 24, 2009
GDAE Podcast 60-Second Promo

Visit GDAE Podcast webpage - CLICK HERE.

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September 18, 2008

Debt Absorption Entity: Your Grandchildren

Oh boy! The banks on Wall Street are so happy. The Dow Jones stock index shot up 400 points on news that the Republicrats might create an entity to absorb banks' bad debt. The name of that entit? "Your Unborn Grandchildren."

This is another abuse of the US Constitution, the preamble of which is supposed to provide for "ourselves and our posterity."

A friend of mine is suggesting that we use this financial crisis to call for a restructuring of the Constitution... to shift more of the power from the elite, who have benefited greatly from the bubble economy, to the ordinary people. My guess is the elite would coopt the process and even if we got a better constitution it would also be ignored.

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