Wow. Just wow.

[Joinfortmill]

https://hartmannreport.com/p/can-we-stop-the-greed-heads-from?utm_source=substack&utm_medium

Can We Stop the Greed-Heads From Their Destruction of Banking & More? Thom Hartmann

'The CEO of SVB didn’t like the regulations imposed after the 2008 financial meltdown by Congress’ Dodd-Frank legislation, and spent over a half-million dollars bribing…er, influencing…legislators (legalized by 5 Republicans on the Supreme Court) to change the law and exempt his and other smaller, regional banks from what he argued was the heavy hand of government.

As Senator Bernie Sanders noted this weekend: “Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.”'

As usual there's a lot of good history in this Hartmann Report. Read on...

[roamer65]

1. Time for modern legislation stronger than Glass-Steagall.

[MaryMagdaline]

3. Yes!

[OldBaldy1701E]

21. Time to re-think the entire concept, but that is just me I guess. (n/t)

[usonian]

2. Bernie Sanders statement on Silicon Valley Bank.

https://democraticunderground.com/100217722234
Pic from twitter.

[allegorical oracle]

8. Great statement at a good moment. Of course, the asshats likely won't read it. nt

[SalviaBlue]

4. K&R

[sarcasmo]

5. Peter Thiel is a greed head, poster boy.

[AllaN01Bear]

6. the ceo of svb didnt like the regulations imposed on all banks after the 2009

fiasco, well whah. sorry mr chairman. u loose.

[Old Crank]

7. I believe he also was

The head of Lehman Bros.

[republianmushroom]

9. Just a stupid question, but

Why wasn't the Dodd-Frank legislation changed back to the original form in 2021 ?

[grantcart]

14. The legislation had bi partisan support

It is argued that the costs for compliance were onerous for smaller banks.

I would think that there has to be less expensive options for stress testing given current software capabilities.

[Probatim]

10. SVB as a "smaller, regional bank"... Downright laughable.

Pretty remarkable that assets of $100bn to $250bn classifies you as a smaller bank.

[ECL213]

11. Something tells me this CEO will be just fine financially...

while the lives around him are destroyed.

[Snarkoleptic]

12. Since they're gunning for our social safety net, it seems like a good time to review this.

Thom saw this coming from miles away.

[progressoid]

17. +1

[czarjak]

20. About to be 60 years since poor Southern Democrats switched parties because of The Civil Rights Act.

"Ronald Reagan proved that debt doesn't matter." Dick Cheney
If most of the wealth goes to the top, there's less for everyone else. Screw that Jesus stuff. Ask Rushbo.

[flying_wahini]

13. Too bad TFG didn't lose all his money. It would be fun to watch him howl.

[Beastly Boy]

15. I detect a serious shift in Hartmann's narrative, as well as the narrative of

other Socialist Democrats.

Hartmann no longer refers to all mainstream Democrats as "neoliberal" as he used to do in the past. Only some of them now, a change in his narrative that I can agree with.

He is also now talking about regulation rather than revolution as an effective means to remedy the excesses of corporatism, something he mocked in the past as "incrementalism" and "middle of the road".

Who knows, if things continue to go in the same direction, I may reconsider ignoring Hartmann at some time in the future.

[residentcynic]

16. Safety Net

When Democrats talk about a safety net, they're talking about something to keep the elderly and poor from being swept out to the curb. When repubs talk about a safety net, they're talking about making sure businesses that take unreasonable risks to grow can be rescued by the government. There's your difference.

[erronis]

19. Oh, I think the main safety net is for the big businesses, the big donors. While the mom-and-pop

chamber-of-commerce companies are supported, they aren't as important as the major industrial giants, the huge financial firms, the defense and medical complexes.

[SWBTATTReg]

18. And now, plaster republicans and tRUMP's name all over this mess. They indirectly caused this to...

happen more easily, w/ less restraints on the banking industry that they put in place. What's the tally thus far of bank victims? 4 or 5?

[DENVERPOPS]

22. We cannot have a

Corporate Fascist Tyranny, without massive Corporate bribes, Corporate Campaign Donations, and massive Corporate Lobbying.

[pansypoo53219]

23. crapitalism. oops.

what could go wrong. we gotta invest social security in the wall street casino.

[twodogsbarking]

24. Trump doesn't care. Like the Barron's mother.

[BlueWaveNeverEnd]

25. yep. This is on the repubs but don't be surprised if gym jordan launches an investigation of Hunter

Biden over this.