Congress may change law to allow big banks to get even bigger.

[Eric J in MN]

While financial-services companies are braced for more-assertive government oversight, Mr. Schumer added that Capitol Hill's reworking of market rules could also give banks some victories. He said Democrats would be willing to consider easing limits that currently prevent banks from holding more than 10% of U.S. deposits after an acquisition. Any change to this policy could free up huge institutions such as Bank of America Corp., Wells Fargo & Co. or J.P. Morgan Chase & Co. to pursue more acquisitions.

http://online.wsj.com/article/SB122593191442103401.html

We should be going in the opposite direction.

As Senator Bernie Sanders said, "If a company is too big to fail, it is too big to exist."

[RUMMYisFROSTED]

1. For all practical purposes there are only 3 or 4 big banks left.

[Lasher]

2. And like Eric says we should be going in the opposite direction. n/t

[Eric J in MN]

4. Here is a list of big banks getting bailout money

"$25 billion for Citigroup, JP Morgan Chase and Bank of America; $10 billion for Goldman Sachs and Morgan Stanley; between $2 billion and $3 billion for Bank of New York Mellon and State Street)."

http://www.propublica.org/article/govt-bailout-2-1014/

[last1standing]

3. So much for lessons learned.

Schumer is as much a corporatist as bush* and needs to be removed from leadership. He does not work in our interests.

[surrealAmerican]

5. Wow, that's a really bad idea.

More banks that are "too big to fail".

[The2ndWheel]

6. What's good consolidation, and what's bad consolidation?

Everyone paying into the same system for healthcare, good. Everyone paying into the same bank for money, bad.

"If a company is too big to fail, it is too big to exist."

The US Government seems to be too big to fail.

[last1standing]

9. Are you serious? You don't understand the difference between a corporation and a government?

Your post was simplistic beyond my ability to believe it was without some amount of sarcasm, but just in case, I'll throw out a couple thoughts.

Only a Randite would suggest that government shouldn't be too big to fail. It's the government. If there's one institution in history that is ALWAYS too big to fail that's it. Without government there is no society. Without society we are nothing but individuals left to the mercies of the strongest. Is this what you're proposing?

Corporations, however, do not answer to the people, only their stockholders who seek nothing but profit. I'm not in favor of allowing an institution to have the ability to seriously damage the health of this country should there become a profit motive. We are currently reaping the fruit of that philosophy.

Healthcare is an essential service that should be provided to every citizen. It is not about consolidation or deregulation. It is about fundamental rights and the security of our nation.

So was your post sarcasm? :shrug:

[fasttense]

7. When FDR ousted the Republicon Hoover who led the country into the Great Depression

It took awhile before FDR and the Congress started making smart decisions.

After FDR gave the banks a Holiday and shut them down to work out the mess, they reopened having stolen their depositors' money. I read where one woman stated that of the $300 she had saved, she only got back 30 cents after the banks reopened.

Because people's money had vanished into the coffers of the banks, many were starving. Yet, because no one had any money, the price of food went down steeply. To get the price of food back up, FDR bought up farmer's products and destroy them. Hogs were slaughtered and the meat was thrown out. Milk and eggs were trashed, and spilled on the ground. All this while people starved. My Grandfather hated FDR for the rest of his life because of this awful waste.

FDR got smarter though and his decisions became more and more liberal and compassionate. The "free" market or liaise fare economic ideology was what led to the Republicon Great Depression. It took a while before people stopped thinking that that ideology worked. FDR eventually gave up on free market ideology and finally realized it had absolutely failed.

Here's hoping Obama and this new congress doesn't make the same mistakes.

[charlie]

8. Yeah, make Too Big To Fail

Waaay Too Goddamn Big To Fail.

Great fucking idea, Schumer. Keep writing those checks to Wall Street and we'll keep cashing them for you. What fucking choice do we have?

I'm liking that idiot less and less with each passing day. You were supposed to be LESS of a corporate crook than D'Amato, Chuckie.

[Eric J in MN]

10. Schumer is in charge of the DSCC.

The DSCC is allowed to collect up to $28,500 per person per cycle.

So he asks for $28,500, and then approves policies which the people who have that to give out want.

We should lower the maximum donations to the DSCC (and DCCC and DNC.)

[Individualist]

11. Schumer is DLC.

All DLCers are corporatists.