PETITION AGAINST PIECEMEAL GUTTING OF DODD-FRANK
Public Comments (139)
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Feb 3rd, 2017Catherine W. from Fort Collins, CO signed.
Mar 8th, 2015Someone from Edmonds, WA signed.
Mar 8th, 2015Someone from East Middlebury, VT signed.
Feb 3rd, 2015Someone from Yelm, WA signed.
Feb 3rd, 2015Someone from Yelm, WA signed.
Jan 31st, 2015Someone from North Las Vegas, NV signed.
Jan 16th, 2015Someone from Teaneck, NJ signed.
Jan 15th, 2015Someone from Portsmouth, NH signed.
Jan 15th, 2015Someone from Sylva, NC signed.
Jan 15th, 2015Someone from Milford, CT signed.
Jan 15th, 2015Someone from Topsfield, MA signed.
Jan 15th, 2015Someone from Glastonbury, CT signed.
Jan 15th, 2015Someone from Sylva, NC signed.
Jan 14th, 2015Someone from Carmel, NY writes:
Don't vote as pawns of Wall Street, Don't let the causes of the most recent financial crisis persist and return to haunt us again. Vote against H.R. 37 and, if presented, H.R. 185.Jan 14th, 2015Someone from Carmel, NY writes:
Don't vote as pawns of Wall Street, Don't let the causes of the most recent financial crisis persist and return to haunt us again. Vote against H.R. 37 and, if presented, H.R. 185.REPORT COMMENTS
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No, CancelJan 14th, 2015Someone from New York, NY signed.
Jan 14th, 2015Someone from New York, NY signed.
Jan 14th, 2015Someone from Houston, TX signed.
Jan 14th, 2015Someone from Delta, OH signed.
Jan 14th, 2015Someone from Pacifica, CA writes:
I dont believe the taxpayers should be insuring the risky investments such as derivatives by large finacial institutions. Moreover I think a well regulated market is in our nations best interests. That is why America is seen as a good place to invest. I am paraphrasing Adam Smith.REPORT COMMENTS
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No, CancelJan 14th, 2015Someone from Cleveland, OH signed.
Jan 14th, 2015Someone from Chicago, IL writes:
If you believe financial institutions have learned their lessons, look at what is currently happening with Ocwen. Strong and enforced regulations, or a new congress.REPORT COMMENTS
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No, CancelJan 14th, 2015Someone from Binghamton, NY signed.
Jan 14th, 2015Someone from Hobbs, NM signed.
Jan 14th, 2015Someone from Evergreen, CO signed.
Jan 14th, 2015Someone from Charlotte, NC writes:
It is indicative of Congress members' collective lack of concern for the public, that those of us ordinary blokes whose pensions have been decimated by Wall Street greed have to spend our time in fruitless petitioning while Congress listens to Wall Street lobbyists. You, with health care and pensions provided by us, have to ask yourself for a moment if you have an ounce of integrity, who benefits from gutting Dodd-Frank?REPORT COMMENTS
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No, CancelJan 14th, 2015Someone from Fresno, CA signed.
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No, CancelJan 14th, 2015Someone from Nixa, MO signed.
Jan 14th, 2015Someone from Brooklyn, NY signed.
Jan 14th, 2015Someone from Magalia, CA signed.
Jan 14th, 2015Someone from Reno, NV writes:
You may be aware of this aspect of banking, but Dodd-Frank is not a typical political squabble in Congress because of it. At issue is OUR DEPOSITS in banks. Because those deposits are loaned out, leaving only a small reserve in the vaults to supply our demand for our own money, a multiplier effect is set up for the money supply. Just go on Wikipedia and look up fractional reserve banking. There?s a section of the article that explains the multiplier. When there is a crisis in the banking system, as there was during the 1980?s in the savings and loan industry and there was in 2008 on Wall Street, the multiplier freezes up. The banks can?t get back our money that they?ve loaned out. Now those are two crises that were directly caused by deregulation of the banking system. Savings and loans were not allowed to raise their interest rates when Paul Volcker raised the fed rate to combat inflation in the 1980?s. So the deregulators in Congress allowed savings and loans to take ownership positions in projects to which they loaned. They put our money into real estate all over the country, so many projects that there were miles of unoccupied condos, shopping malls and office buildings down in Texas and elsewhere. They couldn?t make money on interest rates, so S&L?s went on a building spree to make money, a spree motivated by their need to make money on our deposits not on supply and demand in the real estate market. Michael Milken recruited a team of brokers to marshal piles of $100,000 deposits that he put into savings and loans in exchange for the S&Ls? purchases of his worthless junk bonds. In the last decade, the banks marshaled armies of brokers to write bad real estate loans, fueled by their greed to make money on our deposits and not based on supply and demand in the real estate market. They paid Standard & Poors to lie about the quality of those loans, then sliced and diced them into securities that hid the unacceptable risk in those securities and sold them to the public. In this latter episode, they struck from both sides. They loaned out our deposits to finance bad real estate loans and then the derivatives they sold to the public were financed by more bank loans to their customers. You know like $33 of loans to every $1 of a customers own money!! You can see why the banking system froze up. In the London Whale case at JP Morgan, they used $300 billion of idle deposits to invest in the derivatives market, investments that had wracked up $6 billion of losses of DEPOSITS when the case went public. JP Morgan eventually reduced that loss to $2 or $3 billion. But Jamie Dimon complains on the front page of Bloomberg News today that he?s besieged by regulators!! You might want to inquire whether he submitted an insurance claim to the FDIC!! Suffice it to say the bankers have shown us on two occasions when we?ve deregulated that they cannot be trusted. They?re using Other People?s Money that, because it is the money supply,REPORT COMMENTS
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No, CancelJan 14th, 2015Someone from Raleigh, NC signed.
Jan 14th, 2015Someone from Philadelphia, PA writes:
It is troubling that instead of addressing the problems of "too big to fail" you instead encourage these institutions to put us at risk again. We the people have suffered enough at the hands of these institutions. Protect us from further abuses.REPORT COMMENTS
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