Yippee ! Wall Street is saved !
Senator Sherrod Brown’s (D OH) amendment 3733 on the Financial Stability Act bill, to break up the Big 6 Banks into smaller ones that couldn’t take down the entire nation’s economy if they failed, itself did not pass the vote in the Senate this evening, failing by a spectacular 61 noes to 33 yeas, with 6 senators too timid to approach the subject.
Not all bought and paid for yet:
YEAs — 33 votes
Coburn (R-OK)***** Republican
Shelby (R-AL)***** Republican
Specter (D-PA)***** ex Republican
_______________________ end of people who don’t like Great Depressions and financial chaos
___________ Begin list of Senators who liked that Citizens United Ruling by the Supreme Court:
NAYs — 61
Baucus (D-MT) a small, cold, scenic state of tiny population, which votes with Utah. wtf.
Bayh (D-IN) does you wife get more insura/pharma stock options for this ?
Carper (D-DE) meh. typical.
Dodd (D-CT) looking for that Golden Parachute……
Feinstein (D-CA) meh.
Gillibrand (D-NY) really, Kirsten, how could you
Kerry (D-MA) meh. first no public option, an excise tax, and now this. you still suck.
Landrieu (D-LA) say, how’s the Gulf doing, Ms. Mary of Louisiana?
Lieberman (ID-CT) suing Atty General Holder over the tragic Ft Hood shooting information release, too
McCaskill (D-MO) midwestern Blew Dawg who thinks she’s a hot shot financial whiz. ya huh. not.
Nelson (D-NE) at least he’s consistently not on our side
Schumer (D-NY) wants to be next Majority Leader after making us all get biometric cards. Swell.
Tester (D-MT) meh. These netroots Dems.
Not Voting – 6
Byrd (D-WV) okay, you’re old and frail. pass. barely.
Vitter (R-LA) you don’t have enough diapers to clean anything up
More from HuffPo:
The banks owned by the four largest financial firms in the U.S. collectively account for about 45 percent of all assets in the U.S. banking system, according to a HuffPost analysis of Federal Deposit Insurance Corporation data.
Those four megabanks collectively hold about $7.4 trillion in assets, according to the most recent regulatory filings with the Federal Reserve. That’s equal to about 52 percent of the nation’s estimated total output last year.
The top 12 banks in the U.S. control half the country’s deposits. By comparison, it took 25 banks to accomplish this feat in 2003 and 42 banks in 1998, according to a Jan. 4 research note by Jason M. Goldberg of Barclays Capital.
The six biggest banks in the United States are: Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley. The Secretary of the Treasury, Timothy Geithner, has not wanted to trim these banks down to smaller sizes, neither has the Obama administration’s “economic” spokespeople, who have been instead promoting some sort of thing called a “Volcker Rule” which would instead theoretically have banks be prohibited from making certain kinds of risky investments. http://en.wikipedia.org/wiki/V… This was to replace the Glass Steagall Act of 1933, (established the FDIC) which died at the end of the Clinton presidency in November of 1999, ushering in the Bushian Greed Is Better Era.
“I think what we saw on (Thursday) is just the tip of the iceberg. There is no way this isn’t going to happen again and again and again unless we can slow the process down.”
Fisher, the trader, was begging for the Commodity Futures Trading Commission to put the brakes on the system. He warned this can happen any time the machines are in control. You can be certain that the day’s turmoil caught the attention of Democrats on Capitol Hill and in the White House who are eager to reform the financial system.
Billions and billions of dollars in capital was wiped out, literally in seconds Thursday. And that’s not just esoteric money being shuffled around by hedge fund managers. That’s your 401(k), your portfolio, the investments your pension fund depends on. If you regularly check your 401(k) online, you will see the result of today’s carnage. And that’s especially galling, considering we’ve been made steady progress toward recouping the losses inflicted by the financial crisis.
Oh, yes, I think it caught their attention, all right.
The SEC and the Commodity Futures Trading Commission said they are reviewing the situation of “unusual trading activity” and will make recommendations for “appropriate action.”