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Thom's blog
It's time to make banking boring again!
Regulators want to start making banking boring again. Today, five different regulatory agencies are expected to adopt the Volcker Rule, which would redraw a line between regular banking and Wall Street gambling. The rule is one of the centerpieces of the Dodd-Frank Wall Street Reform Act, and it is seen as a litmus test for the overall strength of the financial reform law. By rebuilding the wall between banking and investing, regulators hope to reduce the risk of another financial meltdown fueled by Wall Street speculation.
The banksters have been fighting against the implementation of the Volcker Rule, but for once, the regulators appear to have gotten their way. This new rule includes some very important changes, like banning banks from trading for their own benefit, requiring hedged risks to be “specific” and “identifiable,” and ending the practice of reward CEOs for “prohibited proprietary trading.” In other words, it won't be so easy for banksters to make trillions by placing bets against bets against bets, and they won't be able to reward CEOs for illegal activity.
But, Wall Street is already searching for loopholes in the proposed law, and they will continue to fight this regulation in court. And, the Volcker Rule is still a far cry from the banking regulations that existed before the repeal of Glass-Steagall. By passing this rule, regulators are proving that they want real Wall Street reform, but they're not going far enough to prevent another financial meltdown.
Nearly two years after the 2008 financial crash, Congress passed Dodd-Frank to reign in the banksters, but two-thirds of those regulations have not yet been enacted. To protect the American people, and prevent another banking crash, we need to rebuild the wall between banking and gambling. The Volcker Rule is a start, but we need to bring back Glass-Steagall, and make banking a safe and boring business once again.
-Thom
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Tonight on The Big Picture on RT TV at 7pm and 9pm... Decreasing poverty 101... (check your local listings for stations or stream at RT, and catch past shows on Youtube)
Watch the video 'Last Hours' narrated by Thom Hartmann about the "time bomb" that is ticking underground, underwater and under ice… frozen methane that is now escaping and could trigger runaway climate change. www.lasthours.org
Have a question or comment for Thom? Grab your phone, hit record and send your video to YourTakeMyTake@gmail.com and we may air it on "The Big Picture."
Need to Know: Decreasing poverty 101...
Big Picture Politics Panel:- Hughey Newsome, Project 21  - Nate Sweet, Progressive Commentator - Kris Ullman, Conservative Commentator & Activist.
The Best of the Rest...
Politically Corrected: Welcome to third world America...
Daily Take: Death With Dignity vs. Death for profit?
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Monday's Daily Stack 
Hour One: What American conservatives should learn from Maggie Thatcher- Dr. Nile Gardiner, Margaret Thatcher on Leadership: Lessons for American Conservatives Today
Hour Two: Why conservatives think gay is a choice...
Hour Three: Why the great debate is wrong- Professor Harvey Kaye
Bible: " One of them, the disciple whom Jesus loved, was reclining next to him." John 13:23.
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Tuesday on The Thom Hartmann Program, 3-6pm ET
Hour One: Welcome to third world America...
Hour Two: Is universal healthcare a planetary right?- Steve Malzberg, The Steve Malzberg Show
Hour Three: Volcker Rule "Result Will be the Worst of all Worlds"- Professor William K. Black, University of Missouri at Kansas City
PLUS, Saving our social safety net- Congressman Peter DeFazio (D-OR, 4th District)
And, the best of the rest of the news and your calls right here on...
The Thom Hartmann Program...your media support group for "we the people"...
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Wednesday on The Thom Hartmann Program, 3-6pm ET
Is creationist teaching dumbing down students? And does it belong in any official curriculum...for either public school or home school?
Plus, Tim Carpenter of Progressive Democrats of America will be dropping by with all the news from the Hill...
And, we'll have all the news and information you won't hear from the corporate owned news media...
Right here on...The Thom Hartmann Program...
Don't forget...Democracy is NOT a spectator sport...it begins with you...
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Thom's Poll
Should physician-assisted suicide be legal?
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Watch & Listen to Thom
Watch the Full "Big Picture" Show...
Full Show 12/9/13: How to Put "United" Back in the United States
Thom debates lowering the social security age with GOP Strategist Jack Burkman, discusses the fast-tracking of TPP with Public Citizen's Lori Wallach and poverty with film directors Harry and Joe Gantz. In tonight's "Daily Take" Thom discusses how states are luring transnational corporations with massive tax incentives that hurt the working class.
Thom Hartmann on the News - December 9, 2013
Paine Vs. Burke
The Great Trade Illusion
Is being gay a choice?
Did Thatcher save Britain?
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Show Info
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 Would you like to help give a child with a very troubled background this feeling of peace? Thom and Louise Hartmann founded the New England Salem Children's Village (NESCV) in New Hampshire in 1979. With states delaying payment for the children they entrust to the village, they need help with cash flow. Can you help? Now on Facebook. |
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