Monday, November 09, 2009

Too big to exist: precisely!


Bernie Sanders went and did it. Here is the bill in toto:

A BILL
To address the concept of ‘‘Too Big To Fail’’ with respect
to certain financial entities.

1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Too Big to Fail, Too
5 Big to Exist Act’’.
6 SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT
7 ARE TOO BIG TO FAIL.
8 Notwithstanding any other provision of law, not later
9 than 90 days after the date of enactment of this Act, the
10 Secretary of the Treasury shall submit to Congress a list

2

1 of all commercial banks, investment banks, hedge funds,
2 and insurance companies that the Secretary believes are
3 too big to fail (in this Act referred to as the ‘‘Too Big
4 to Fail List’’).
5 SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS.
6 Notwithstanding any other provision of law, begin
7 ning 1 year after the date of enactment of this Act, the
8 Secretary of the Treasury shall break up entities included
9 on the Too Big To Fail List, so that their failure would
10 no longer cause a catastrophic effect on the United States
11 or global economy without a taxpayer bailout.
12 SEC. 4. DEFINITION.
13 For purposes of this Act, the term ‘‘Too Big to Fail’’
14 means any entity that has grown so large that its failure
15 would have a catastrophic effect on the stability of either
16 the financial system or the United States economy without
17 substantial Government assistance.
Short. And to the point.

Way to go, Bernie!

--the BB

15 comments:

The Cunning Runt said...

Bernie's Da Bomb! I'm so glad he's mine!

susan s. said...

Are they like monopolies now?

Remember when ATT was deemed a monopoly and forced to break up?

Paul said...

You have reason to be proud, TCR.

They are oligarchies, a concentration of too much power in the hands of too few so that they are deemed sacrosanct. If every Wal-Mart store closed, where would people shop now that most small stores or local chains have been driven out of business? But it is far worse with creatures like Goldman Sachs who have controlled way too much of the economy to their enrichment and the detriment of the common good.

susan s. said...

Well, I knew they were something bad!

Word Verification - Masemism -
There's just too much fuckin' masemism in this world, and Bernie's the man to destroy it!

There, that ought to raise the nasty quotient around here!!

Paul said...

Aw, fuck, girlfriend, I realize I've been letting you down of late. You'd think I was back to being a parish priest or some similar goody two-shoes.

There is a reason I moved news of Our Saviour to another site. The horses might have been getting ready to startle.

susan s. said...

Oh, Paul, it's a good thing I waited a while before pulling this! I could use nasty language about a lot of stuff going on right now, but I wouldn't want to get you in trouble with your new congregation, etc. Of course, Glenn Beck is the nastiest language I can think of at the moment. I could make a modifier out of that and no one would even know, eh?

WV = lacherlu

Paul said...

I have noticed that you've been very sedate and demure for a long time now. So, mostly, have I.

Anyone who goes to any of my blogs can look at my profile and find the others, so the inquisitive can see my rants here and know my strong opinions. But I am entitled to those.

For a congregation, however, there should be a safe space where all my find God's love regardless of their politics.

Malcolm+ said...

I had the privilege of meeting Bernie Sanders when he was Mayor of Burlington, VT.

At that point, at least, the only acknowledged socialist in pyblic office in the US.

Göran Koch-Swahne said...

I'm with you.

Grandmère Mimi said...

Beck those too big to fail institutions. Go, Bernie!

"Beck" is the new naughty word. It means something worse than the F-bomb.

Paul said...

Oh my, Grandmère, your language has certainly degenerated since eye surgery. That is really foul terminology.

Susie Sue would be proud of you.

susan s. said...

Oh, Mimi! you go girl! I am so proud of you!!!!

Grandmère Mimi said...

Beck 'em!

Word verification - wingl

Wingls - a naughty word for Republicans.

Beck them wingls!

Ellie Finlay said...

Hmmm. I couldn't find a place to leave a comment above about the Armenian songs.

Luminously beautiful. Thank you so much for the postings. They really gave me a lift this morning!

Göran Koch-Swahne said...

The Senator's proposal is a good one! It doesn't stand a chance, of course...