Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the nation’s credit markets seized up and required unprecedented bailouts by the government.
That specter is eroding faith in Obama’s pledge that taxpayer-funded bailouts are a thing of the past. It is also exposing him to criticism from Federal Reserve officials, Republicans and Occupy Wall Street supporters, who see the concentration of bank power as a threat to economic stability.
As weaker firms collapsed or were acquired, a handful of financial giants emerged from the crisis. Since then, JPMorgan, Goldman Sachs and Wells Fargo have continued to grow internally and through acquisitions from European banks, reeling from government austerity measures related to the rising cost of public debt in Greece, Spain, Portugal, Ireland and Italy.
The industry’s evolution defies the president’s January 2010 call to “prevent the further consolidation of our financial system.” Embracing new limits on banks’ trading operations, Obama said then that taxpayers wouldn’t be well “served by a financial system that comprises just a few massive firms.”
Regulators have written only 185 of the expected 400 rules. But those 185 rules are expected to cost the private sector more than 24 million man-hours each year to comply.
The tracker has also found that those 185 rules take up more than 5,300 pages.
….let’s just get it down to the community banker — the person that loans money to most of the small businesses in our country,” Neugebauer said in a phone interview. “We’ve had a few community bankers come in here and say, ‘you know, they’re hiring a lot more compliance officer than they are loan officers.’ That is increasing the cost of banking and, ultimately, they have to charge higher interest rates and higher fees.”
“It is time to ask: What kind of nation and what kind of people do we want to be? Are we willing to allow this era — our era — to be remembered as the age when our nation’s proud tradition of expanding the franchise ended?” Holder said in a speech at the Lyndon Baines Johnson Library and Museum in Austin, Texas.
According to Richard Clarke—who warned everyone about a ‘spectacular’ Al Qaeda attack before 9/11—all electronics made in China could contain back doors that would allow Chinese hackers to spy and attack anyone they want.
He claims that these traps may be hidden in every device, from your iPhone and Android phones to every iPad, laptop and computer. Even your TVs or anything else made in China. His claims sound may sound preposterous, but he claims the evidence is strong:….
A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware.
Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $50 million and $100 million.
Why did you bury this story so deep no one could find it?
Be sure to watch to the end. Explains in part why we are in such a mess now.
The crooks and liars got legit one way or another…The rest of the American people… well sucks to be us.
It seems, that the majority of our society is already dumbed down way too much to figure out how to stop their reign over us.
Yep, we let all the politicians, crony capitalists, banksters, the “exceptional intellectuals”, and corrupted bureaucrats to control and screw our and our kids lives.
And who is going to be held accountable for such a HUGE number? For sure not the a$$#@!*s who passed that thing into law…
And since when a project that the government handles cost as much as it was planned?
NEVER!
The CBO would have done a better estimation by multiplying everything by factor of at least X5
Who had interest of passing that law? The common man? Um hum…
Or are they the same people who had interest of installing the naked scanners at the airports, or got the bank bailouts because they were sure they knew what they were doing BETTING billions of dollars, or start green businesses so they were to get millions in grants, or the politicians that deliberately made us debt slaves by giving to their friends our money?
Or all of the above?
Step by step the elite and their puppets are legitimizing their crimes against the rest of us.
Ehhhhhhhhhh, what do they care….. After them …the deluge…
The list include Hollywood producer Harvey Weinstein, Vogue editor-in-chief Anna Wintour, media mogul Fred Eychaner, Pfizer executive Sally Susman, Stoneyfield Farms president and CEO Gary Hirschberg, and Microsoft executives Suzi Levine and John Frank. Several have each raised more than half a million dollars for 2012, according to estimates provided by Obama’s campaign.
