• RSS Queering the Church

    • Catholic High School Coach Dismissed – for Homophobic Violence! September 19, 2014
      As we continue to see punitive actions against same – sex Catholic couples who choose to protect their relationships in civil marriage, it’s worth noting that there is in fact nothing in formal Church doctrine, as found in the formal…Read more →
      Terence Weldon
    • When a Priest DEMANDS that a Couple Divorce! September 19, 2014
      Cardinal Damasceno Assis of Aparecida has claimed that the church has always supported stable same – sex relationships. At the level of teaching, there may be some degree of truth in that. At the level of practice, its a different matter entirely.…Read more →
      Terence Weldon
  • RSS Spirit of a Liberal

    • Gonna Stick My Sword in the Golden Sand September 15, 2014
      Gonna Stick My Sword in the Golden Sand: A Vietnam Soldier's Story has just been released. The title comes from a stanza of the gospel traditional, Down by the Riverside, with its refrain--"Ain't gonna study war no more." Golden Sand is a bold, dark, and intense retelling of the Vietnam experience through the eyes of an army scout that is […]
      Obie Holmen
    • Gay Games Symposium July 21, 2014
      I am pleased and honored that the UCC has asked me to moderate a symposium during the games entitled Queer Christians: Celebrating the Past, Shaping the Future. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
      Obie Holmen
  • RSS There Will be Bread

    • Where Are You? October 26, 2011
      Greetings to all others who grace these pages! Thank you for stopping by. If you still have a reader pointed here, this blog no longer publishes in this location, but can be found at this new link. Please subscribe to the new feed, get the new blog via email or read us by liking us on Facebook or by following me on Twitter.If you want more, please feel free […]
      noreply@blogger.com (Fran)
  • RSS The Wild Reed

    • Out and About – Summer 2014 September 23, 2014
      As I write this the autumnal equinox is taking place in the northern hemisphere. In other words, summer is ending and autumn (or fall) is beginning. During the autumnal equinox, the sun can be seen at its zenith before its direct rays shift into the Southern Hemisphere for the next six months. Neither of Earth’s hemispheres is tilted toward the sun, which re […]
      noreply@blogger.com (Michael J. Bayly)
    • Quote of the Day September 20, 2014
      There are many with a deep and abiding understanding of the depth and breadth of the climate, economic, ecological, social, political crisis we are facing and its common twisted roots. They will not just travel to New York [this weekend to participate in the People's Climate March] and then go quietly home afterwards feeling satisfied and personally red […]
      noreply@blogger.com (Michael J. Bayly)
  • RSS Bilgrimage

  • RSS Enlightened Catholicism

  • RSS Far From Rome

    • the way ahead March 23, 2013
      My current blog is called the way ahead.
      noreply@blogger.com (PrickliestPear)
  • RSS The Gay Mystic

    • Back from the "Dead"/Book Reviews September 13, 2014
      Just getting back on my feet after eight weeks of very intense interactions with Czech kids in summer camp in the mountains. The experience was so intense I felt cut off from my own spirit from time to time, but worth every minute.  What great kids.I'm getting ready to review two books, John Boyne's magnificent fictional treatment of the sex abuse […]
      noreply@blogger.com (Jayden Cameron )
    • The travails of young love July 30, 2014
      On a bit of a hiatus from blogging for the summer as I recollect my spirit, but I may have some reflections to share this weekend about the difficulties of young love. Been listening to tales of heartbreak from some of my young students. And young River Viiperi has broken from his partner of two years, Paris Hilton, so these must be difficult days for him as […]
      noreply@blogger.com (Jayden Cameron )
  • RSS The Jesus Manifesto

    • プロミスの返済は残高スライド元利定額返済方式 September 11, 2014
      返済に影響するものは金利だけ、そう考えているのであれば今一度利用している消費者金融のホームページを確認してみましょう。実は返済方式も返済に大きく影響するものなのです。例えばプロミスで見てみましょう。返済方式として残高スライド元利定額返済方式が採用されています。これがどういったものなのか、金融専門書を確認しても出てくるものではありません。そもそも、本来であれば管理均等返済方式や元金均等返済方式というのが返済方式の中でも一般的なものですが、残高スライド元利定額返済方式とは新たにできた造語だからです。今では多くの消費者金融がこの返済方式を採用しています。プロミスではこれによって月々の返済の最低金額が決められています。例えば借り入れが2万7000円までであれば1000円の最低返済額、5万5000円までであれば2000円 […]
  • RSS John McNeill: Spiritual Transformations

  • RSS Perspective

    • Another Jesuit leaving September 23, 2014
      Jesuit leaves church after firings In light of recent firings of gays and lesbians from Catholic institutions, Benjamin Brenkert has left the Catholic church after 10 years of pursuing priesthood in the Jesuit order. "I can't be a Jesuit priest because I can't be a member of the Catholic church right now," Brenkert told NCR. "I can […]
      noreply@blogger.com (crystal)

Time For The USCCB To Back Obama On Regulating Financial Sector

 

 

Paul Volcker Prevails

Simon Johnson - Huffington Post - 1/21/10

Paul Volcker, legendary central banker turned radical reformer of our financial system, has won an important round. The WSJ is now reporting:

President Barack Obama on Thursday is expected to propose new limits on the size and risk taken by the country’s biggest banks, marking the administration’s latest assault on Wall Street in what could mark a return — at least in spirit — to some of the curbs on finance put in place during the Great Depression.

This is an important change of course that, while still far from complete, represents a major victory for Volcker – who has been pushing firmly for exactly this.

Thursday’s announcement should be assessed on three issues.

1. Does the president provide a clear statement of why we need these new limits on banks? The administration’s narrative on what caused the crisis of 2008-09 has been lame and completely unconvincing so far. The president must take it to the banks directly – tracing the origins of our “too big to fail” vulnerabilities to the excessive deregulation of banks following the Reagan Revolution and emphasizing how much worse these problems became during the Bush years.

 2. Are the proposed limits on the total size (e.g., assets) of banks, or just on part of their operations – such as proprietary trading? The limits need to be on everything that banks do, if they are to be meaningful at all. This is not a moment for technocratic niceties; the banks must be reined in, simply and directly.

 3. Is there a clear strategy for (a) taking concrete workable proposals directly to Congress, and (b) win, lose, or draw in the Senate, running hard with this issue to the midterm elections?

Push every Republican to take a public stand on this question, and you will be amazed at what you hear (if they stick to what they have been saying behind closed doors on Capitol Hill.)

The spin from the White House is that the president and his advisers have been discussing this move for months. The less time spent on such nonsense tomorrow the better. The record speaks for itself, including public statements and private briefings as recently as last week – this is a major policy change and a good idea.

The major question now is – will the White House have the courage of its convictions and really fight the big banks on this issue? If the White House goes into this fight half-hearted or without really understanding (or explaining) the underlying problem of unfettered banks that are too big to fail, they will not win.

President O’bama is finally getting it.  We can not meaningfully address problems in the United States if we do not address the excesses in the financial industry.  The financial sector is the foundation for everything else in this country.  If it stays rotten in it’s philosophy and practices,  that cancer will drive everything else.  As long as profit at all costs rules our society it is pointless to speak about any other cultural issues.  It is the unfettered and unregulated pursuit of profit which is the single biggest contributor to the culture of death.  It is not abortion.  It is not gay marriage.  It is not stem cell research. 

Forget health care as that is a dead horse and it deserves to be.  This vein attempt to hide another hideous corporate welfare program behind concern for unisured Americans deserves to be buried.  It’s epitaph should include the idea that it was the last failed attempt by corporate interests to purchase this government and fleece it’s people for the sake of corporate profit. 

Here’s a simple thought direct from the pen of Pope Benedict:  People must come before profit.  It’s a thought the USCCB should be all over in demanding the President Obama finally walk his talk.  They should man up and take their croziers and start shaking them in the faces of any politician or corporate board member who balks at regulating the financial industry.  Forget about sending hapless poor women to hell for caving into the economic expediency of abortion or castigating gay couples for the crime of loving one another.  Get after the real cancer.  That’s the one currently on display in all it’s virulence in Haiti.  That’s the same cancer that has eaten away the life savings of too many senior Americans, forced solid traditional families out of their homes,  resulted in millions unable to find jobs, taken hope in the future from our younger generations, made our own health care a distant second to plain old survival, allowed wealth distribution in this country to lag behind third world countries, and greases the wheels of two war machines grinding up the lives of our soldiers and the mostly innocent populations in the countries in which they are operating.

Go after the real cancer bishops and support this president on this issue no matter what you think of his take on any other issue.  If Americans can’t afford to survive in America all the rest of your disagreements are meaningless dross.

4 Responses

  1. Amen for long overdue miricles.

    • I know, I know; it’s “miracles,” not “miricles.”

  2. Frank, I can’t believe that just after I posted this SCOTUS gave us the ruling that does indeed open the door for Corporate America to buy our government and fleece us for the sake of corporate profit.

    • I believe it, especially after 30 years of stacking the Court with the likes of Scalia, Thomas and Roberts.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 147 other followers

%d bloggers like this: