WATCH Eliot Spitzer On Breaking Up Big Banks: White House Just Doesn't Get it

[democracy1st]

Former governor of New York, and attorney general, Eliot Spitzer criticized the White House this
morning for being "the only institution that doesn't get" the continuing danger of having massive banks that are 'too big to fail.'

Alan Greenspan is now saying break up the institutions... Volcker in his testimony a few weeks ago said we should not be insuring these big institutions to do proprietary trading. A bank has to be a bank... The White House seems to be the only institution that doesn't get this. You still have Tim Geithner, Larry Summers, and maybe Ben Bernanke out there saying let's keep the status quo.

Spitzer was joined on the panel by Rob Johnson, a former Soros fund manager as well as the former chief economist for the Senate Banking Committee during the Savings & Loan crisis. The panel discussion ranged from reforming the banks to public outrage that firms like Goldman Sachs are back to making enormous profits that are only possible because of earlier, large infusions of public money that staved off disaster.


Video Link
Read more at: http://www.huffingtonpost.com/2009/10/19/spitzer-on-breaking-up-bi_n_325866.html


Goldman Sachs admin !

[saracat]

1. OMG. The Obama Defense team must be alerted! How dare Spitzer point out the obvious!

[HamdenRice]

2. Spitzer is right in theory, but he's wrong to think it can be done now

It will take several years to figure out how to do this and create a new banking system.

In the meantime, the recession, HCR, Iraq and Afghanistan are priorities. It will take years for congressional staff just to understand the current system, then more years for the DOJ to litigate the anti-trust cases to break the banks up.

[democracy1st]

3. what about regulations ?

[HamdenRice]

6. That could work as a stop gap

For example, forbidding credit default swaps to be "funded" by short selling; requiring all derivatives to be registered with the SEC and regulated as securities; things like that.

But in the long term, they have to figure out a way to break up the banks into smaller entities and that will take more time.

[rhett o rick]

19. Their are some things that can be done immediately. Stop derivative selling and tax stock market

transactions.

[lunatica]

4. I think the White House does get it

Just like I think all the Congresspeople do. If anyone thinks they don't 'get it' then that person is the one who 'doesn't get it'.

Corporations and our Representatives are co-dependent. They are addicted to each other. They believe themselves to be symbiotic organisms, unable to exist without each other. And in their present state they're right. They've created a reality that they need to keep buttressing in order to continue the status quo and in many cases it's because they're limited imaginations can't conceive of anything else. If we're to ever create something that is healthy and sustainable we will have to destroy the status quo. Both healthy and unhealthy economic systems can't co-exist.

edited for spelling

[elleng]

5. And they're afraid of 'pay back' such as Spitzer endured.

He really should be in the admin.

[lunatica]

7. Yes and so should some liberal economists.

It's one thing to put the fox in charge of the safety of the hen house, but it's another to do it after the fox has eaten all the hens. That's what Obama seems to be doing. I just don't get why because he's just not being consistent. His actions are not connecting seamlessly with his oratory.

[AllentownJake]

8. When have his actions ever connected with his speeches

:rofl:

[lunatica]

11. He said he would close Gitmo by next year

and he's actually making progress in that. That's one. the Stimulus package is actually having an effect. Here in California if you get laid off you can use $5,000 dollars to go back to college to upgrade and/or change your skills, and you don't have to look for a job while getting unemployment checks. That two.

[yurbud]

9. Spitzer should be in charge of Treasury, the SEC, or something.

Who gives a shit about him screwing around with hookers? The guy is talking about and was doing the right things to protect the rest of us.

[vadawg]

10. yeah and we can trust him totally even though he was doing what he prosecuted others for

i dont care if he was paying thousands for sex, what gets me is the guy used convictions of others he obtained to advance himself and then thinks that he should get a pass.... sorry that bird dont fly.

[sabrina 1]

14. Why do you think he thought he should get a pass?

Clearly he did not, which is why he tried to hide what he was doing. His job required that he prosecute those who violated the law. That doesn't always mean agreeing with it. At worst he was a hypocrite. As if that's something we never see in DC :sarcasm:

He was very effective in going after Wall St. criminals. What he did pales by comparison and I'm not sure why it's a bigger issue for you, than the undisputed record he has of catching those who are scamming the public.

As a member of that public, as far as I am concerned he has paid the price for his own actions, and I really have no interest in what, by comparison, is a minor issue.

We need people with the knowledge and skills he has to speak out. I have no doubt that this is why he was targeted and to silence him would be giving in to those who want him silenced.

I want to hear what he has to say about these matters. Going to a prostitute doesn't remove his legal knowledge of what was happening and still is, on Wall St.

[yurbud]

18. convictions for which of his own transgressions?

[newtothegame]

12. Why do these dousches do stupid stuff, and then try to be a public voice later? n/t

[western mass]

13. Sorry, it's Spitzer who doesn't get it

He seems to think that the White House works for the people against the banks...he's got it backwards.

[rucky]

15. He gets that. I think he was trying to be tactful.

[madrchsod]

16. money talks and bullshit walks......

it`s so simple to rob the banks when no one cares to arrest the criminals. a lot of people went to prison in the 80`s but the industry learned from their mistake. this time everyone is in on the heist.

[Bozita]

17. Call to action: ABA (banksters) annual convention in Chicago this weekend 10/25-27/09

http://action.seiu.org/page/s/abarsvp

Tell Big Banks: We Need to Talk
Take Action

Demand a meeting
Join us in Chicago

On October 25th, America's bailed out banks will be meeting at the ABA convention in Chicago. These are the same banks that drove America to financial meltown, and are now using our tax dollars to lobby against reform. That's why thousands of Americans are also going to Chicago, to demand a meeting with the big banks of the ABA.

The Big Bank Track Record
The damage big banks have done in just one year is hard to comprehend. Take a look at the numbers:

The financial sector has taken $4.7 trillion. in taxpayer dollars over the past year.
The bank-driven economic crisis has cost American families $11 trillion in wealth - nearly 18% of our net worth.
The crisis isn't over, but banks are already back to their old ways - setting aside $74.4 billion for bonuses in the first half of 2009 alone.
They continue to hit their costumers with outrageous fees. Americans will pay more than $38 billion in overdraft fees alone in 2009 (that's $125 for every man, woman, and child in the US).

Read more about the big banks lobbyist - the ABA.



Join us in Chicago to protest bank greed.
On October 25-27th, the ABA is holding its annual convention in Chicago. It's the most important meeting of the year for the financial industry - where they set their agenda for the next 12 months.

That's why thousands of taxpayers will also be in Chicago, protesting the irresponsible behavior of America's banks and demanding that they stop using our tax dollars to lobby against financial reform.

Will you join us in Chicago for the largest protest of big bank greed since the financial crisis began?

Here's a list of events you're invited to join:

October 25, 2009
WHAT: Taxpayers put big banks and Wall Street on trial for breaking their commitments to the American taxpayers.
WHO: Hundreds of taxpayers from across the country who’ve lost their jobs, homes, and retirement security because of the economic crisis, workers, community leaders and allies, and academics.
WHERE: 4:15 PM CDT
Hyatt Regency Chicago
151 East Wacker Drive

October 26, 2009
WHAT: Demonstrations around American Bankers Association conference highlighting continued bank greed at the expense of America’s economy.
WHO: More than 1,000 retirees, family farmers, clergy, workers, students, homeowners, and community allies.
WHERE: To be announced

October 27, 2009
WHAT: Taxpayer march on American Bankers Association conference to demand banks stop lobbying against needed financial reform.
WHO: More than 5,000 workers, clergy, and community allies and leaders from 20 cities.
WHERE: March begins at 10:30 AM CDT at Intersection of Wacker and Stetson.
Rally at 11:00 AM CDT at the Sheraton Hotel, 301 E. North Water St.


Who is the ABA?
The ABA is the lobbying arm of the American banking industry. Its members include the big banks that caused the economic crisis that has resulted in widespread economic devastation and led to the $4.7 trillion in banking industry bailouts and backstops using taxpayer dollars.

Meet the big banks of the ABA:

Bank of America
Citigroup
Goldman Sachs
JPMorgan Chase
Wells Fargo