‘Showdown in Chicago’ to Protest Bankers
You know something is happening when top economists are calling for mass protests.
But that’s exactly what economist Dean Baker does in his latest column “Won’t You Please Come to Chicago, No One Else Can Take Your Place”.
Those disgusted by the bank bailouts, and the bankers who brought us this recession, will have a chance to make their views known when the American Bankers Association has its annual meeting in Chicago, October 25-27. A large coalition of labor, community, and consumer organizations are organizing a protest at this “Showdown in Chicago”.
A big turnout at this event can make a real difference. Just to review the scorecard, most of the country is still suffering the fallout from the bankers’ irrational exuberance of the housing bubble era. The Congressional Budget Office (CBO) and other forecasters expect the suffering to endure for years to come.
Endorsed by the AFL-CIO and many other organizations the three-day event will culminate with a protest march to the American Bankers Association convention carrying the message:
Enough is Enough.
The Banks Have Had A Recovery – Now the American People Need One.
Organizers say they will also be promoting a set of specific solutions aimed at addressing financial reform and real economic recovery, among them:
Too Big to Fail
In the US today, three banks hold almost 34% of the nation’s deposits, four banks issue 50% of the country’s mortgages and the five largest credit card lenders control 74% of the market. These companies have a stranglehold on our wallets. And as we’ve seen, when they make bad decisions, they can take the whole economy down with them.
New laws should be put in place that minimize the risk of the “too big to fail” problem. No single institution should be in control of such a large part of the market. Instead, we should encourage a vibrant, diverse, stable banking system, made up of thousands of small and medium size banks. Strong competition policies and antitrust laws will encourage financial institutions to invest in productive activity, instead of investing in changing the rules of the game or manipulating the market.
Consumer Financial Protection Agency
The Obama Administration has called for the creation of a Consumer Financial Protection Agency (CFPA) that will make protecting consumers a priority over protecting the interests of the banks. Seven different government agencies had the power to stop the reckless risk-taking that wrecked our economy, but they didn’t use it. Lax oversight helped spawn the disastrous mortgage products and practices that triggered the current crisis. What’s more there is virtually no regulatory authority over firms that have pushed bad mortgages, payday loans and other products that are overly complicated, or are simply rip-offs. The CFPA will bring the focus we need to clean up destructive and unfair financial practices, restore the integrity of our financial system, and prevent another disaster in the future.
As Dean Baker, the co-director of the Center for Economic and Policy Research, writes in support of the Showdown in Chicago:
The policies that will rein in the banks: reform of the Federal Reserve Board to make it democratically accountable, a tax on financial speculation to pay for the bankers’ mess, and restrictions on the bank abuses of consumers that caused the carnage have support from people on both the left and right.
A bill that would require the Fed to disclose what it did with more than $2 trillion in loans to banks and other financial institutions was originally co-sponsored by Ron Paul and Alan Grayson, one of the most conservative and one of the most progressive members of Congress. Due to public pressure, it now has more than 270 co-sponsors.
This is exactly the sort of alliance that gets the elite worried. Reining in the power of the financial industry will be a long, hard-fought war, but it is one that must be fought. President and Nobel peace prize winner Barack Obama may not have been able to bring the Olympics to Chicago, but everyone who wants to retake our country from the banks can bring their backside there on October 25th.
Tags: banks, financial reform, recovery
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The funny truth is that bankruptcy’s are actually on a decline, at least in my geographical area. However, speaking to the matter of installment payments it appears that you are correct.
As a bankruptcy attorney I can attest to the truth that all of the definitions listed by Denzel are in fact “installment payments”.
Excellent list, by the way
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What ever happened to old fashioned Republican values like anti-trust?
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Real economic recovery starts with heavy regulation, which can only be imposed by government.
Not much we can do here except create awareness and encourage our peers to live within their means, especially in regards to mortgage modifications.
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As a toronto payday loans adviser, I suggest people to not forget how often and how much the minority GOP acted as a roadblock, and not a speed bump to frustrate Obama’s programs at every turn. Sitting on his nominations, threatening filibusters right and left, and taking advantage of the new president’s preference for discussion and compromise rather than to use his strong majority to power his programs through. Much of the cracking of the crystal ball is in the form of riders and tack-on bills that republican obstructionists exacted in order to call off the filibuster dogs. A grand and moral plan has been stopped, diverted, frustrated and bastardized at every term. The result is not nearly enough of what the plan had been. It is a shadow of the original blueprint for which a substantial majority of Americans voted. The “loyal opposition has frustrated the democratic process and the one person-one vote priniciple on which this country is supposed to function. I only hope that the voters have not been duped by the Party of No. The only way they can win is by defrauding the electorate by appealing to us at the lowest of levels.
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Everyone is angry, but this country is set up so change happens over time. It’s a gift and a curse.
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The small businesses are getting ignored in these issues, especially when looking for small business loans or financing.
The big corporations don’t seem to have an issue raising money by selling bonds, big bank loans. Small business loans aren’t getting approved that’s why so many are looking to business cash advances to leverage their credit card receipts.
Charles Baratta
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Organized labor is always up for a little protest. If you are looking to enter bankruptcy protection contact the Thorpe Law Firm.
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