Big Banks | timiacono.com

And … the Big Banks Win Again

Senator Elizabeth Warren (D-MA) details the ongoing, outsized influence that big Wall Street banks have on the Washington D.C. sausage factory as another last-minute provision favoring said big banks is inserted into a “must-pass” spending bill last week.

Also see Matt Taibbi’s take on the further dilution of the Dodd-Frank financial market reform (a.k.a. the “Citigroup provision”) and Ms. Warren at Rolling Stone.

Elizabeth Warren on Banks and Student Loans

From just last week, watch Senator Elizabeth Warren (D-MA) grill Consumer Bankers Association CEO Richard Hunt on the slow progress being made by commercial banks to allow the discharge of student loan debt that was co-signed by parents or grandparents of children or grandchildren whose lives were cut short.

You have to wonder how long it will take for the culture and practices of Washington D.C. to wear down Ms. Warren. Most of what she advocates is simply common sense, however, most of this common sense runs counter to the vested interests of powerful forces that remain firmly in control of what goes on in the nation’s capital.

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When first reading the questions posed in this story at the Atlantic about how bad financial illiteracy is around the world, I thought they were some sort of trick questions, designed to make even smart people feel a little dumb when they sped through them at too fast a pace.

But there were no tricks involved – they were as simple as they appeared at first glance – as we get a better glimpse into just how bad people all around the world are when it comes to simple math and how little we know about the financial world, problems that adversely affects billions of people financially who are easy prey for big banks and our other Wall Street overlords, both of whom are quite good at both subjects.

The most interesting part of the report (to me at least) was how much financial illiteracy (or literacy below) varies around the world and a pie-chart seemed to be in order.

Go read the questions that were posed if you really want to be gobsmacked.

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The Deep State

Here’s a pretty unsettling look at the status quo in both Washington and corporate board rooms from someone who has seen it all from the inside, Mike Lofgren, a former GOP congressional staff member with the House and Senate Budget Committees, who talked with Bill Moyers below and filed this report on the subject.

One highlight from early on in the discussion:

It’s kind of a natural evolution when so much money and political control is at stake in the most powerful country in the world … a hybrid of corporate America and the national security state … everyone knows about Wall Street and its depredation, everyone knows how corporate America acts. They’re both about the same thing. They’re both about money, sucking as much money out of the country as they can, and they’re about control – corporate control and political control

It’s the red thread that runs through the history of the last three decades. It’s how we had deregulation, financialization of the economy, the Wall Street bust, the erosion of our civil liberties, and perpetual war.

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