Politicspoliticstulsigabbard2020bankstoobigtofailrestoretherepublic

Sat May 27, 2017, 05:17 PM

Tulsi Gabbard: Break Up the Big Banks

DUmmies hate Tulsi because she reminds people that the (D) "party" (and all of Washington DC- the District of Criminals) has sold out to Wall Street.

Published on May 26, 2017 by Tulsi Gabbard

Last week Treasury Secretary Steven Mnuchin indicated that the Trump administration will oppose any common sense legislation to break up the big banks and they will also support allowing “too big to fail” banks to continue to gamble with American’s hard earned savings, retirements funds, etc., just like they did before the Great Recession and the $700 billion taxpayer bailout of Wall Street.

In a word, the Trump administration will cater to the demands of Wall Street, rather than what’s needed for the American people. I have long pushed for a 21st Century Glass Steagall Act, to break up the “too big to fail” banks, separate risky Wall Street investments from ordinary commercial banking, close loopholes that allow risky banking practices, and enforce penalties for banks that break the law. It is absurdly hypocritical for the Trump administration to say that they support some sort of Glass Steagall Act but they simultaneously want to gut the entire purpose of the legislation.



#Tulsi 2020

How did 4 banks take over the entire US banking system?

The Banking Oligopoly in One Chart (Click image for higher resolution)



The “Big Four” retail banks in the United States collectively hold 45% of all customer bank deposits for a total of $4.6 trillion.

The fifth biggest retail bank, U.S. Bancorp, is nothing to sneeze at, either. It’s got 3,151 banking offices and employs 65,000 people. However, it still pales in comparison with the Big Four, holding only a mere $271 billion in deposits.

Today’s visualization looks at consolidation in the banking industry over the course of two decades. Between 1990 and 2010, eventually 37 banks would become JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup.

Of particular importance to note is the frequency of consolidation during the 2008 Financial Crisis, when the Big Four were able to gobble up weaker competitors that were overexposed to subprime mortgages. Washington Mutual, Bear Stearns, Countrywide Financial, Merrill Lynch, and Wachovia were all acquired during this time under great duress...snip
http://www.visualcapitalist.com/the-banking-oligopoly-in-one-chart/

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Response to Aquila (Original post)

Sat May 27, 2017, 05:33 PM

1. I'm a free marketeer (not mouseketeer. I gave that up. I was young and needed the money)

 

but the banks are becoming monopolies and that is contra free markets.

Dodd-Frank only exacerbated the problem.

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Response to Aquila (Original post)

Sat May 27, 2017, 05:36 PM

2. Reason that they got bigger was that in 2008 when they were smaller they were still too big to fail

Which is why the government "encouraged" the stronger banks to take over the failing firms.

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Response to Aquila (Original post)

Sat May 27, 2017, 06:46 PM

3. We are not dealing with a monopoly. We have many "Big Banks"

Still socialist scum gotta do what socialist scum gotta do

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Response to Aquila (Original post)

Sat May 27, 2017, 06:47 PM

4. Another gun grabbing liberal......screw anything she says

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Response to Aquila (Original post)

Wed May 31, 2017, 01:54 PM

5. for the truth

Tulsi's not a gun grabber

The 11 Gun Bills Tulsi Gabbard Won’t Support  — While ‘Standing With’ Senate Dems (In A Selfie)

In fact, Rep. Gabbard has declined to co-sponsor any common sense gun control legislation, including H.R.4269— the Assault Weapons Ban of 2015 — which is co-sponsored by 125 of Gabbard’s fellow Democrats. Here are the other nine gun bills that Gabbard has NOT supported:

H.R.4748—Imported Assault Weapons Ban of 2016
H.R.3926 — Gun Violence Research Act
H.R.3411 — Fix Gun Checks Act of 2015
H.R.2380 — Gun Show Loophole Closing Act of 2015
H.R.1745 — Support Assault Firearms Elimination and Reduction for our Streets Act
H.R.752 — Large Capacity Ammunition Feeding Device Act
H.R.226 — Keeping Guns from High Risk Individuals Act
H.R.225 — Firearm Safety Act of 2015
H.R.224 — To require the Surgeon General of the Public Health Service to submit to Congress an annual report on the effects of gun violence on public health.
http://www.huffingtonpost.com/entry/the-11-gun-bills-tulsi-gabbard-wont-supportwhile_us_57635ad1e4b0092652d744e9

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Response to Aquila (Reply #5)

Wed May 31, 2017, 02:08 PM

6. Does declining to sponsor mean a sure vote against?

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