{"id":7572,"date":"2013-04-28T03:45:03","date_gmt":"2013-04-28T07:45:03","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7572"},"modified":"2013-04-28T03:45:03","modified_gmt":"2013-04-28T07:45:03","slug":"two-senators-try-to-slam-the-door-on-bank-bailouts-nytimes-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/28\/two-senators-try-to-slam-the-door-on-bank-bailouts-nytimes-com\/","title":{"rendered":"Two Senators Try to Slam the Door on Bank Bailouts – NYTimes.com"},"content":{"rendered":"

This is a show-down between Wall Street and the voting public. Gretchen Morgenson at NY Times writes:<\/p>\n

THERE\u2019S a lot to like, if you\u2019re a taxpayer, in the new bipartisan bill from two concerned senators hoping to end the peril of big bank bailouts. But if you\u2019re a large and powerful financial institution that\u2019s too big to fail, you won\u2019t like this bill one bit.<\/p>\n

The legislation, called the Terminating Bailouts for Taxpayer Fairness Act, emerged last Wednesday; its co-sponsors are Sherrod Brown, an Ohio Democrat, and David Vitter, a Louisiana Republican. It is a smart, simple and tough piece of work that would protect taxpayers from costly rescues in the future.<\/p>\n

This means that the bill will come under fierce attack from the big banks that almost wrecked our economy and stand to lose the most if it becomes law.<\/p>\n

For starters, the bill would create an entirely new, transparent and ungameable set of capital rules for the nation\u2019s banks \u2014 in other words, a meaningful rainy-day fund. Enormous institutions, like JPMorgan Chase and Citibank, would have to hold common stockholder equity of at least 15 percent of their consolidated assets to protect against large losses. That\u2019s almost double the 8 percent of risk-weighted assets required under the capital rules established by Basel III, the latest version of the byzantine international system created by regulators and central bankers.<\/p>\n

This change, by itself, would eliminate a raft of problems posed by the risk-weighted Basel approach……<\/p><\/blockquote>\n

The outcome is far from clear. The financial muscle of Wall Street can buy a lot of influence on the Hill. But my guess is that they are too smart to incense voters by meeting the bill head-on. Instead they will attempt to delay with amendments and eventually turn it into an unwieldy 1000-page unenforcable monstrosity that no one understands. Much as they did with Dodd-Frank. <\/p>\n

If they win, the country as a whole will suffer. Maybe not today, but in the inevitable next financial crisis if this bill does not pass.<\/p>\n

Read more at Two Senators Try to Slam the Door on Bank Bailouts – NYTimes.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is a show-down between Wall Street and the voting public. Gretchen Morgenson at NY Times writes: THERE\u2019S a lot to like, if you\u2019re a taxpayer, in the new bipartisan bill from two concerned senators hoping to end the peril of big bank bailouts. But if you\u2019re a large and powerful financial institution that\u2019s too … <\/p>\n

Continue reading “Two Senators Try to Slam the Door on Bank Bailouts – NYTimes.com”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[2134,2697,2956,3196,3434,3635],"class_list":["post-7572","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-lobbyists","tag-political-influence","tag-revolving-door","tag-special-interest-groups","tag-too-big-to-fail","tag-wall-street"],"yoast_head":"\nTwo Senators Try to Slam the Door on Bank Bailouts - NYTimes.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Senators Try to Slam the Door on Bank Bailouts - NYTimes.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"This is a show-down between Wall Street and the voting public. 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For a policy designed to prevent taxpayer bailouts, it\u2019s an undeniable defeat. In the past few weeks, four European bank failures have demonstrated that a signature feature of the postcrisis regulatory regime simply cannot protect\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5897,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/five-steps-to-fix-wall-street\/","url_meta":{"origin":7572,"position":1},"title":"Five steps to fix Wall Street","author":"Colin Twiggs","date":"October 29, 2012","format":false,"excerpt":"Some more thoughts on the five steps former FDIC chair Sheila Bair suggested to reform the financial system. Break up the \u201ctoo big to fail\u201d banksMy take is that breaking up may be difficult to achieve politically, but raising capital ratios for banks above a certain threshold would discourage further\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5485,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/17\/eu-commission-considering-splitting-up-banks-to-avoid-future-bailouts-spiegel-online\/","url_meta":{"origin":7572,"position":2},"title":"EU Commission Considering Splitting Up Banks to Avoid Future Bailouts – SPIEGEL ONLINE","author":"Colin Twiggs","date":"September 17, 2012","format":false,"excerpt":"By Martin Hesse and Christoph Pauly EU Commissioner Michel Barnier has asked experts to examine the possibility of splitting up major European banks to avoid future bailouts at taxpayers' expense. But even less radical intervention in the banking sector could have drastic consequences for the industry, and its powerful lobby\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7326,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/27\/forget-too-big-to-fail-kill-the-fractional-reserve-banking-system\/","url_meta":{"origin":7572,"position":3},"title":"Forget too-big-to-fail: Kill the fractional reserve banking system","author":"ColinTwiggs","date":"March 27, 2013","format":false,"excerpt":"Interesting discussion on Bloomberg about currency-backed deposits and equity-funded loans. The fractional reserve banking system is the primary cause of instability and asset bubbles in the global economy, allowing banks to create money out of thin air. Credit expansion above the rate of real GDP growth has only two possible\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5753,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/15\/5-steps-obama-or-romney-must-take-to-fix-wall-street\/","url_meta":{"origin":7572,"position":4},"title":"5 Steps Obama or Romney Must Take to Fix Wall Street","author":"Colin Twiggs","date":"October 15, 2012","format":false,"excerpt":"By SUZANNE MCGEE In [Sheila Bair's] view ..... we haven\u2019t yet come to grips with many of the problems that produced the crisis. Too many regulators fall victim to one of several fatal flaws, Bair suggested in a speech to the National Association for Business Economics yesterday. Some of them\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7581,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/28\/capital-regulation-after-the-crisis-business-as-usual-martin-hellwig\/","url_meta":{"origin":7572,"position":5},"title":"Capital Regulation after the Crisis: Business as Usual? | Martin Hellwig","author":"ColinTwiggs","date":"April 28, 2013","format":false,"excerpt":"This abstract from a 2010 paper by Martin Hellwig sums up the debate about overhauling the financial system: Whereas the Basel Committee on Banking Supervision seems to go for marginal changes here and there, the paper calls for a thorough overhaul, moving away from risk calibration and raising capital requirements\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7572"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7572\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}