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Tuesday, January 22, 2019

5 Republicans Who Agree With Elizabeth Warren About ‘Too Big To Fail’ Banks

Last month, Senator Elizabeth Warren (D-MA) clashed with Fed chairman Ben Bernanke about “too big to fail” banks and the $83 billion subsidy the biggest banks receive because investors believe the government would bail out the largest financial institutions again if necessary. Bernanke argued that Dodd-Frank had given the government tools that could handle the failure of a megabank without taxpayer support — even though the legislation was seriously weakened by Senator Scott Brown on behalf of the Wall Street titans who now employ him.

Bernanke clarified his position on Wednesday and it seems he agrees with Warren that more needs to be done to fix the situation. “I agree with Elizabeth Warren 100 percent that it’s a real problem,” he said.

“Too big to fail was a major source of the crisis,” he added, “and we will not have successfully responded to the crisis if we do not address that successfully.”

The Fed chair’s admission follows Attorney General Eric Holder telling the Senate Banking Committee that the massive size of America’s largest financial institutions prevents the government from prosecuting financial crimes they may have committed.

There is definitely a conservative case against “too big to fail.” Bernanke was a registered Republican before he took over his nonpartisan position at the Fed. But there are definitely Republicans who believe something needs to be done to constrain the big banks that are bigger now than they were before the crisis.

Here are 5 other members of the Grand Old Party who want to break up the big banks.

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17 responses to “5 Republicans Who Agree With Elizabeth Warren About ‘Too Big To Fail’ Banks”

  1. TZToronto says:

    The problem is that when it comes to actually casting a vote in Congress for something that might place some restrictions on Wall Street and the Big Banks, Republicans run the other way–even if they were the ones who initially proposed the controls.

    • july860 says:

      You’re right; they are only interested in sound bytes; heaven forbid they actually do something that will have a negative impact on their friends and donors.

      • Mark Forsyth says:

        Well, G-whiz-you don’t expect them to bite the hand that feeds them do you?

        • plc97477 says:

          I do but then I am a liberal

          • Mark Forsyth says:

            I don’t know if I meet the definition of liberal or not.I get called that by people who are pissed at me but I tend to tell them where to stuff it or I ignore them. As for republicans’behavior I generally hope for the best and expect the worst.

    • The problem is that only one of the five is a senator.

    • nobsartist says:

      You could substitute “republiCONs” with “Democrats” and come up with the same ending.

      After all, Obama had 2 years to go after the banks but instead signed an extension to the bush tax cuts giving himself a nice tax refund, first.

      Neither party is worth a shit.

      Vote for Bernie, the only adult home.

      • TZToronto says:

        Most of the time when Democrats draft a bill, they vote in favor of it. As soon as a Republican-authored bill receives Democratic support, the Republicans disavow it. No way do they want to introduce and pass a bill that Democrats agree with and Obama will sign into law.

  2. nobsartist says:

    So 5 idiots that support the moron ryan also support warren?

  3. Pi_Boson says:

    We the People are responsible because we allow knuckleheads to return. We the People should for the next decade TOTII (throw-out the incompetent incumbent).

  4. BeverlyNC says:

    I spent a lot of time in Washington and was extremely worried about the passage of Gramm-Leach-Bliley. I felt uncomfortable with the merger mania. We all know what ultimately happened.
    I believe we must act to prevent another “Too Big to Fail” situation which I believe is just a matter of time. The answer is the reinstatment of Glass-Stegall. The banks will f…ight it with everything they have but it should not be something run through Congress but a Federal Reserve action with the added agreement of the FDIC, the SEC, Freddie Mac, Fannie Mae, and other Federal agencies who would take the hit financially for another greed-induced banking collapse.

    I know these banks. They will whine about the disruption it will cause them, the costs of change, the unfairness of any regulation….but when they fail they will take no responsibility and expect to be bailed out and again walk away with only fines (that they then use for tax deductions) and no one is held criminally responsible.

    Reinstate Glass-Stegall. Pull apart investment banks from commercial banks. Force Congress to confim the Head of the Consumer Financial Protection Agency. Enforce Dodd-Frank to the fullest as intended.

    • idamag says:

      yes, how right you are. Look what happened when we deregulated the banks. We do need to restore Glass-stegal. Since the banks cannot be trusted, it is imperative we get those regulations in place ASAP.

  5. Pamby50 says:

    Keep fighting for us Elizabeth. That only 1 out of 5 is currently in congress right now speaks volumes. Until more come around, nothing will change.

  6. Anna Drake says:

    reelection is coming up -they have to do something and say something to stay on the job. Unemployment is not for them. Only naive and gullible will fall for this. Just take Chubby Chris Christie, what he did toi NJ – forget his peeches and co op with Obama it’s all show. He knows that his job is on the line and who will hire a fat slob????? It’s hard to give up all the perks that come with the job. Only fools will bite the hand that feeds them – no way they will vote at the end. They can say anything but action and vote speaks louder than words and nods.

  7. docb says:

    Except for Huntsman who is a real statesman that know something about the World..these are coattail agreements..She has the knowledge and integrity…The rest are just BS’s [ me too-ing] on her courage!

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