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BillyJack

(819 posts)
Mon Mar 25, 2013, 05:39 PM Mar 2013

US Senate Unanimously Votes To End Unfair Subsidies For ‘Too Big To Fail’ Banks

“Too big to fail.”

This phrase will always be associated with the 2008 economic collapse that sent America into the deepest recession since 1929. In order to stop the financial bleeding, the U.S. government voted to rescue the big banks rather than allow them to fail and take our economy with them. Ever since, big banks have only gotten bigger on the premise that if they fail again, the government will bail them out. Billions of dollars in taxpayer subsidies have been dealt to those very banks in the years since.

But on Friday, the U.S. Senate did something that it rarely does these days. An amendment was offered as an attachment to the Senate budget bill and it not only gained the support of both Republicans and Democrats, it received unanimous support. By a vote of 99-0, the U.S. Senate voted to strip “too big to fail” banks of the taxpayer subsidies they’ve been getting for far too long.

http://www.addictinginfo.org/2013/03/25/us-senate-unanimously-votes-to-end-unfair-subsidies-for-too-big-to-fail-banks/

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US Senate Unanimously Votes To End Unfair Subsidies For ‘Too Big To Fail’ Banks (Original Post) BillyJack Mar 2013 OP
it falls to the House to approve the bill and send it to the President. dixiegrrrrl Mar 2013 #1
A 'safe' vote for the senate. trof Mar 2013 #9
All smoke and mirrors.... dixiegrrrrl Mar 2013 #19
What's brought this on. I'm suspicious. eom Blanks Mar 2013 #2
+1 n/t southern_belle Mar 2013 #4
I'm suspicious as well... Lobo27 Mar 2013 #5
On the occupy forum... Blanks Mar 2013 #6
Maybe Senate Repugs know that US banks plan to do what Greek banks did? AikidoSoul Mar 2013 #24
+1000 valerief Mar 2013 #17
I'll believe it theKed Mar 2013 #3
Speaking of subsidies, Congress should end all subsidies to Oil Companies; they can reapply. DhhD Mar 2013 #7
It won't pass the GOP house. Iliyah Mar 2013 #8
Didn't I hear about Control-Z Mar 2013 #12
Paul Ryan - Rand Paul ... Close enough. Blanks Mar 2013 #23
holy crap bankman maindawg Mar 2013 #10
Good one... IthinkThereforeIAM Mar 2013 #18
I can't believe this was unanimous. Curmudgeoness Mar 2013 #11
The House will have none of that... Swede Atlanta Mar 2013 #13
It was a voice vote CitizenPatriot Mar 2013 #14
the envelope maindawg Mar 2013 #16
No explanation in the article of what these "subsidies" actually were? bhikkhu Mar 2013 #15
Interesting.... paleotn Mar 2013 #20
This old clip has shaped my view of congress... Blanks Mar 2013 #21
A capitalist society does NOT bail out companies with taxpayer money. Rex Mar 2013 #22

dixiegrrrrl

(60,010 posts)
1. it falls to the House to approve the bill and send it to the President.
Mon Mar 25, 2013, 06:05 PM
Mar 2013
In short, we have to depend on House Republicans to get the job done and, considering the conservative obsession with forcing the Ryan Budget upon America, passage of the Senate bill looks grim. The Senate finally gets their act together and unites to do something right for a change, and now conservative extremists in the House could ruin it for everyone.

Now would the time for everyone to get on the phone with their representative in Congress to demand passage of the Senate budget.

says the article

Lobo27

(753 posts)
5. I'm suspicious as well...
Mon Mar 25, 2013, 06:55 PM
Mar 2013

I'd like to think that some Repubs finally figured out that the banks don't give a damn about them either.
But I think it might be something to do w/ many dems retiring as senators. Something like this lets the Repubs safe face. Because they know that house will most likely be their in 2014, and are focusing on the senate.

Blanks

(4,835 posts)
6. On the occupy forum...
Mon Mar 25, 2013, 07:13 PM
Mar 2013
http://www.democraticunderground.com/12526838

There appears to be a bunch of banker wrong-doing and I wondered if this came before the senate.

I don't know if they're trying to get out in front of the story (knowing that the house won't do anything anyway) or if there is something else going on.

I can't help but wonder what happened that caused the senate to march lock step. It happens in the house on emotional issues, but the senate - not so much.

AikidoSoul

(2,150 posts)
24. Maybe Senate Repugs know that US banks plan to do what Greek banks did?
Tue Mar 26, 2013, 05:53 PM
Mar 2013

Maybe Repugnant senators may finally "get" what the concept of "going too far" actually means -- at least to the voters.

As far right senators finally grasp that the foundation of the lives of the voting public is crumbling so fast that it might actually make them take to the streets and start screaming in unison, like the Greek citizens we've seen on the MSN this week.... they might be getting a bit worried. There's reason to believe that it could happen here because what the investment banks have done is created a disaster so enormous, that its effects will go on for decades ... not just a few years my DU friends. It's hard to wrap your brain around that. It was for me too.

Yep. How Repugs vote on banking issues in the Senate right now might be their only hope that the public has a short memory and these Rethugs can point to this one vote, this one time and hope to get re-elected.

Just a theory of course.


theKed

(1,235 posts)
3. I'll believe it
Mon Mar 25, 2013, 06:23 PM
Mar 2013

when it passes the house and it actually gets put to use. Until then, it's just chatter.

Control-Z

(15,682 posts)
12. Didn't I hear about
Mon Mar 25, 2013, 07:43 PM
Mar 2013

Last edited Mon Mar 25, 2013, 08:22 PM - Edit history (1)

only something like 12 voting for Ryan's budget this time around? I could have sworn I read that this morning somewhere.

Edit to self correct: It was Rand Paul's budget I was thinking of, and it was actually 17 votes.

Blanks

(4,835 posts)
23. Paul Ryan - Rand Paul ... Close enough.
Tue Mar 26, 2013, 04:56 PM
Mar 2013

I figured team Romney only chose Paul Ryan because it was close enough 'sounding' to Ron Paul that they'd get people who knew a Paulbot - maybe even looked up to that person (they can be very passionate) but didn't really look into it enough to know who this 'Paul' person was.

They can't have gotten many that way, but there are a lot of people ignorant about politics. I'd never heard of Paul Ryan before he'd been selected; I could see how that could happen to people who don't follow politics at all.

I'm not suggesting that's you. Perhaps you're like me and just have a great deal of disdain for both of them so they occupy space in the brain near each other. Of course Ryan is supposed to be the budget guy - it makes sense that it would have been his budget that was rejected. I didn't know until I read your post that Rand Paul even had a budget.

Curmudgeoness

(18,219 posts)
11. I can't believe this was unanimous.
Mon Mar 25, 2013, 07:35 PM
Mar 2013

Although there has to be more to this than meets the eye, I still am shocked when I think of a few of the Senators I know---like that asshat from my state, Toomey. I would expect him to implode or spontaneously combust before he would vote for anything Dems are voting for.

Something is very fishy here.

 

Swede Atlanta

(3,596 posts)
13. The House will have none of that...
Mon Mar 25, 2013, 07:49 PM
Mar 2013

they love giving away the treasury to their corporate masters while screwing the "little people".

This will go nowhere.

paleotn

(17,931 posts)
20. Interesting....
Mon Mar 25, 2013, 09:19 PM
Mar 2013

...Exactly which subsidies are they talking about? The TBTF financial institutions have a very complex relationship with multiple federal agencies, GSE's like Freddie, Fannie and Ginne, and most importantly, the Fed. I'm not getting my hopes up that the Senate finally found religion, so to speak. It was like pulling teeth just to get weak, watered down Dodd / Frank through the Senate.

Actually unwinding Federal subsidies to the banking industry will take more than an amendment to a budget bill that will probably not pass the House. All these complex subsidies of various sorts weren't created over night, so ending them all or even some of them in one simple amendment isn't likely to happen. In fact unless this is done carefully, it could destabilize our financial system. I don't like that anymore than anyone else here, but that's the mess we find ourselves in. I'd like to feel positive about this and I do respect Sherrod Brown, but I see more fluff and not much substance.

Blanks

(4,835 posts)
21. This old clip has shaped my view of congress...
Tue Mar 26, 2013, 04:42 PM
Mar 2013


If they're doing something that 'seems' good...

...Well, check your wallet.
 

Rex

(65,616 posts)
22. A capitalist society does NOT bail out companies with taxpayer money.
Tue Mar 26, 2013, 04:45 PM
Mar 2013

That is what a plutocracy does.

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