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9:26 AM, Apr 11, 2013 • By GEOFFREY NORMANPresident Obama will be meeting today with people one of his predecessors might call "malefactors of great wealth." According to Dawn Kopecki & Margaret Talev of Bloomberg, visitors to the White House will include:
... the heads of the world’s biggest banks...
Among them Lloyd C. Blankfein of Goldman Sachs and Jamie Dimon of JP Morgan Chase, along with others who run institutions that are too big to fail but plenty big enough to make a world of trouble. No word of what the president and the bankers will be talking about as “an Obama spokesman, declined to provide details about the agenda.”
Which is to be expected from the "most transparent administration in history."
30 California municipalities are on the bankruptcy watch list.4:13 PM, Mar 5, 2013 • By TWS PODCASTTHE WEEKLY STANDARD podcast, hosted by Michael Graham, with Ken Grubbs on his cover story, Paradise Lost.
Read more... 30 California municipalities are on the bankruptcy watch list.4:13 PM, Mar 5, 2013 • By TWS PODCASTTHE WEEKLY STANDARD podcast, hosted by Michael Graham, with Ken Grubbs on his cover story, Paradise Lost.
Read more... Mitt Romney was right: Dodd-Frank is a gift to big banks Oct 29, 2012, Vol. 18, No. 07 • By C. BOYDEN GRAY AND ADAM J. WHITE
Big Wall Street banks caused a financial crisis and brought the nation to the brink of economic collapse; President Obama signed the Dodd-Frank Act to punish those banks and end government bailouts of too-big-to-fail financial institutions.
Read more... Mitt Romney was right: Dodd-Frank is a gift to big banks Oct 29, 2012, Vol. 18, No. 07 • By C. BOYDEN GRAY AND ADAM J. WHITE
Big Wall Street banks caused a financial crisis and brought the nation to the brink of economic collapse; President Obama signed the Dodd-Frank Act to punish those banks and end government bailouts of too-big-to-fail financial institutions.
Read more... 10:56 AM, Jun 13, 2012 • By DANIEL HALPERFrank Keating, the president and CEO of the American Bankers Association and former two-term governor of Oklahoma, writes this letter to the editor in response to James Pethokoukis's recent WEEKLY STANDARD article "Too Big for Comfort."
Read more...  Making the best of a bad situation.1:53 PM, Apr 7, 2010 • By MATTHEW CONTINETTIFinancial markets are necessary because they put people in need of money in touch with people who have money to lend. This is the essence of capitalism. Somewhere along the line, however, our financial system went out of whack.
There were many causes. Americans were saving too little, and the Chinese were saving too much. The Federal Reserve kept interest rates too low for too long in the middle of the decade, creating a surplus of credit that went into risky investments. The housing sector ballooned out of control. A "shadow banking" system came into being that leveraged huge amounts of money with absolutely no oversight. The ratings agencies said risky mortgage backed securities were A-OK. Market agents responded to regulations by seeking out loopholes, capturing the regulatory institutions, or following the rules and creating unintended (and not always positive) consequences. The result was the financial crisis that began to unfurl in 2007 and came to a head with the collapse of Lehman Brothers in September 2008.
Read more... It might be time to break up the banks.9:37 AM, Apr 6, 2010 • By MATTHEW CONTINETTIBefore you hit the snooze button, I want to point out a fascinating debate that's taking place over financial reform. Here's where we stand. The House passed its bill in December. The Senate recently passed its bill out of committee, and it now awaits a floor vote. Two weeks ago David Leonhardt had an easy to read rundown on the issues. The package has five main components: resolution authority to take over insolvent investment banks, a Consumer Products Safety Commission, higher capital requirements, the bank tax to "pay for future bailouts," and the Volcker Rule banning banks from trading for their own benefit, not their customer's.
Read more... ... if you want to stop the next crisis.12:05 PM, Feb 12, 2010 • By MATTHEW CONTINETTI"It was not so much deregulation that caused the crisis," Niall Ferguson wrote in his 2009 report "Too Big To Live," "as excessive concentration, combined with regulatory capture or regulatory arbitrage as the big banks schmoozed their supposed supervisors or shopped around for the softest touch."
More than a year after the global financial system stood on the edge of collapse, what has been done to break apart the major banks? Who is following Paul Volcker's recent recommendations in the New York Times? Financial regulatory reform is at an impasse; Barney Frank's legislation passed the House on a party-line vote in December; in the Senate, Chris Dodd hit a roadblock in negotiations with Richard Shelby, and is now trying to negotiate a bipartisan agreement with Bob Corker instead. Even if Dodd and Corker's bill passes in committee, however, there is no guarantee it will pass the Senate -- Harry Reid could always decide to replace it with his own legislation!
Read more...
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