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    Elisabeth Warren and the 21 st Century Glass Steagall Act

    By trkingmomoe on Wed, 11/13/2013 - 3:37am |

    Senator Elisabeth Warren has been in the news again as the media speculates whether she has a chance to become President or whether she can be talked into running in 2016. I think her bill to bring back the Glass Steagall Act is more note worthy for discussion. 

    This is the pdf file of the bill that is being introduced to the Senate by Senator Warren.  It is the 21st Century Glass Steagall Act.  Senators McCain, King and Cantwell are cosigners. The bill is straight forward and reinstates the Glass Steagall Act.  It is very readable and only 26 pages long with all the changes.

    http://www.warren.senate.gov/files/documents/21stCenturyGlassSteagall.pdf  

    Yesterday, Senator Warren gave a talk at the Roosevelt Institute about this proposed bill.  I could not get it to embed.  The whole talk is 23 minutes and is well worth the time to watch because she states it plainly and to the point as to the reason it is needed.

    http://www.c-spanvideo.org/program/316190-1

    Comments

    If you haven't read the New Republic article by Noam Scheiber about the soul of the Democratic Party lies with Warren.  I do agree with the part that the voters are moving towards being more populist.  She just might turn around the mess we call Wall Street.   Here is the link to the article: http://www.newrepublic.com/article/115509/elizabeth-warren-hillary-clintons-nightmare


    by trkingmomoe on Wed, 11/13/2013 - 4:45am

    Caught him on Maddow last night. Interesting assessment of the Democratic Party.


    by rmrd0000 on Wed, 11/13/2013 - 9:47am

    There is a frustration in this country about Wall Street getting away with their corruption.  I don't think it is in just the left but everyone knows someone that was hurt and still suffering. Wall Street was bailed out and walked away to recover to go back doing what they did before.  The victims were left to pick up the pieces of their lives on their own.  On top of that the Republicans has beat up on those who needed to use the safety nets and Congress dumped the sequester on the country as their finishing touches on fixing the economy. There is a real story here about this frustration but instead the media is missing this 

    Warren didn't end up as a Senator because she was a Harvard lawyer and good looking. She is on a mission to clean up banking.  It looks like she is going to do what is needed to get the task done and that might mean becoming President to do it.  Bringing back Glass Steagal is an important move in the right direction.  The law is simple and easy to understand.  Warren is keeping her talking points simple and repeating them.  I noticed this in many of the clips I have seen.  Media may not be paying much attention to her but the little guy is and will be willing to help bank roll her to do this.   


    by trkingmomoe on Wed, 11/13/2013 - 2:28pm

    If Liz Warren is elected, look for Josh Marshall to be Chief of Staff...(edit to add): on Fresh Air they were exploring the antecedents to her appointment as chair of the congressionally mandated oversight board watching the evolution of Dodd-Frank as a bill.


    by jollyroger on Wed, 11/13/2013 - 9:52am

    In retrospect, it is not clear that the concerns she (and others) expressed during the "markup" of the bill were fully addressed in the final product, let alone the current rule making that is yet ongoing.


    by jollyroger on Wed, 11/13/2013 - 9:56am

    The banking industry has fought hard against Dodd Frank and did all they could do to take the bite out of the law.  Most of Congress is out of touch with how unhappy the majority of the country is with Wall Street and more concerned about raising money for their campaigns.  She don't seem afraid of the leaders of Wall Street like Congress is because she has the country behind her and don't need their blessing or money to be in office.  


    by trkingmomoe on Wed, 11/13/2013 - 2:24pm

    I think it was courage and smarts that has gotten her to the point that she is at.  I used to watch her on Al Franken's show broadcasted on Sundance cable channel 7 or 8 years ago and knew she would see this through.  I just wonder how much did she influence Al Franken to go into politics.  


    by trkingmomoe on Wed, 11/13/2013 - 2:09pm

    Countering Scheiber:

    Elizabeth Warren: Not Ready for Presidential Prime Time

    Is there a huge public demand for a populist crusade for financial reform—or is that just liberal wonks' pipe dream?

    By Michael Hirsh, The Atlantic, Nov. 16, 2013


    by artappraiser on Sat, 11/16/2013 - 1:07pm

    We are going retro.

    But damn Dame Warren is great person.

    We need somebody to stand up to Wall Street.

    And that is okay, because it will bring the left into the fray!

     


    by Richard Day on Wed, 11/13/2013 - 6:39pm

    The new bill contains updates and changes to fit into modern life, so it is not too retro.  Glass Steagall should never been repealed.  


    by trkingmomoe on Wed, 11/13/2013 - 6:54pm

    Today Senator Warren went after the Republicans for blocking appointments and said that it was the Senate's duty to change the fillibuster rules because the Republicans are trying to nullify the election of the President. 


    by trkingmomoe on Wed, 11/13/2013 - 10:51pm

    She needs to stay in the Senate where she can continue to much good.

    Her constituency is leftwards, so her seat is relatively safe, giving her time and latitude to do what she sees as right.

    If she had to woo a national audience with much more diverse ideological leanings, it would necessarily water down her voice. She'd have to please too many different people just to get elected, and then disappoint them all when, after the first terrorist attempt, she geared up the drone war to an even higher pitch than Obama.

    Besides...

    Why can't good legislators just stay put for a while and do their job? It's almost as if, the minute they get to the Hill, they start to look longingly at the WH (or other people do the looking for them). Most of them don't have the stomach or charisma to make the leap, but if there's a scintilla of hope, they start an "exploratory committee."

    Being an effective senator with a progressive agenda is a good gig. She should play a few more sets, at least. AA's article makes a lot of sense to me, not that I'm a huge Hillary fan (or detractor).


    by Peter Schwartz on Sat, 11/16/2013 - 1:25pm

    I just ran across another one, mostly along the lines of your reasoning:

    Elizabeth Warren won't save the Democrats in 2016
    Warren's populist message could defeat Hillary in the primaries. But her proposed policies won't win over the general electorate
    By Zack Exley, theguardian.com, 15 Nov. 2013


    by artappraiser on Sat, 11/16/2013 - 2:04pm

    Like I said up thread the real story here is how frustrated the country is about the lack of accountability and reform to Wall Street. Someone will tap into it, to win the presidency. 


    by trkingmomoe on Sun, 11/17/2013 - 7:53am

    Sen Warren gave a speech against chained CPI.  For a freshman senator she is pulling no punches.  She is really in there raking this notion over the coals.  She has the makings of becoming our next FDR.

     

     


    by trkingmomoe on Tue, 11/19/2013 - 4:39am

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