Bank overseers published a 2018 report with a major red flag about Silicon Valley Bank — and then they ignored it.
"The bank lobbyists have been hitting Capitol Hill hard, and they have a Dodd-Frank rollback bill lined up with the support of every Republican and 12 Democrats."
Paul Krugman is not a Political Scientist. Krugman's "brand" is that he is a "brilliant, Nobel Prize winning economist." In fact, much of his early research was brilliant; and, to be sure, Krugman did win the Nobel Prize. BUT, the misleading discussion of economics contained in his piece, "Sanders Over the Edge" does raise this question in my mind: Is Paul Krugman still qualified to write an economics opinion column for the New York Times?
Congressional Progressive Caucus urged members to reject the so-called Cromnibus if a provision which helps big banks trade derivatives in units backstopped by a government guarantee remained in the spending measure. This kind of activity was a cause of the 2008 crisis - it a giveaway to wealthy campaign donors and Wall Street banks. Analysis for more information about key takeaways from the proposed spending bill, as well as a few controversial surprises.
The hope reformers once had that risky trades made overseas by American banks might be regulated were crushed on Friday. Democrats cozy with Wall Street are just fine with that.
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