• RSS Queering the Church

    • An error has occurred; the feed is probably down. Try again later.
  • RSS Spirit of a Liberal

    • Lutheran “Vision and Expectations” Revisited April 4, 2019
      The ELCA Church Council meets today at the Higgins Road headquarters in Chicago to consider a document entitled Trustworthy Servants as a replacement for a prior document entitled Vision and Expectations. The proposed document comes to the Council following recent action by the Conference of Bishops. To be sure, the current document purports to be […] [[ Thi […]
      Obie Holmen
    • Early Amazon reviews for Wormwood and Gall March 26, 2019
      Folks who received advance reader copies of Wormwood and Gall have posted five-star reviews on Amazon. Pastor Wesley White has penned his own book centered in Mark’s gospel, entitled, Slow Reading the Gospel of Mark, a reflective, meditative, and introspective invitation into the gospel narrative.  Pastor White’s review of Wormwood and Gall lauds the histori […]
      Obie Holmen
  • RSS There Will be Bread

    • An error has occurred; the feed is probably down. Try again later.
  • RSS The Wild Reed

    • Photo of the Day April 19, 2019
      See also the previous Wild Reed posts:• In This In-Between Time . . .• Down By the River• Mississippi Adventure• Time By the River• A Magical Time and Place• O Dancer of Creation• Bde Maka Ska Sunset• Time and the RiverImage: “Adnan, with Sunset Reflections and Jet Trail” (4/16/2019) by Michael J. Bayly.
      noreply@blogger.com (Michael J. Bayly)
    • Quote of the Day April 18, 2019
      [Pete] Buttigieg’s ability to articulate his sexual orientation through the lens of faith has captured public attention and drawn him into a theological spat with Vice President Mike Pence. The fact that the first openly gay major presidential candidate is also a Christian is indeed remarkable, a milestone in the visibility of L.G.B.T. people of faith. Yet i […]
      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

    • In The Closet of the Vatican: New Investigative Study February 22, 2019
      In the Closet of the Vatican: Power, Homosexuality, Hypocrisy - just published today, February 22nd, 2019.Thanks to Kittredge Cheery of the wonderful gay Christian blog,  QSpirit Blog, for the heads up about the publication of this major new investigative study into the secret homosexual double lives of many priests (and bishops and cardinals) in the vatican […]
      noreply@blogger.com (Richard Demma)
    • Wanderer by Sarah Leon: Gay Debut Novel of the Year February 11, 2019
      A very young Sarah Leon published this heat-wrenching  love story in French in 2016 when she was barely twenty years old. Three years later we are blessed to have this exquisite English translation of the work  by John Cullen, a translator of note with many books to his name. It is one of the most affecting love stories you will ever read.Wanderer has alread […]
      noreply@blogger.com (Richard Demma)
  • RSS The Jesus Manifesto

    • Another World is Neccessary: Anarchism, Christianity and the Race from the White House July 30, 2008
      I’ll be presenting at the upcoming Jesus Radicals conference in Columbus, Ohio. My session (on the relationship between Church and State) will be on Friday afternoon. If you’re in the area, drop by. I’d love to meet some of the folks who frequent this site. Here’s the info: August 15-16, 2008 St. John’s Episcopal 1003 W Town Columbus, OH [...]ShareThis […]
      Mark Van Steenwyk
  • RSS John McNeill: Spiritual Transformations

  • RSS Perspective

    • The Mueller report April 19, 2019
      The redacted Mueller report is online to be read/downloaded (here is one of the many versions). And you can also get it in book form.We now know Russia messed with our elections through social media and hacked documents released by WikiLeaks. We know Trump and his minions worked together with Russia to doom Hillary and elect Trump in these ways.And we know T […]
      noreply@blogger.com (crystal)
  • Advertisements

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.

Advertisements

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 )

Google photo

You are commenting using your Google 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 )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: