Drudge Retort: The Other Side of the News
Tuesday, January 23, 2018

After taxpayers bailed out the banks shielding them from the 2008 financial collapse, Congress passed the 2010 Frank-Dodd law. That law introduced new regulations and required banks to keep enough capital so the banks would not need taxpayer money again should trouble arise. While Republicans have not liked the new regulations, conservatives have never quibbled about the new required capital cushion. Now Bloomberg reports that Central bank staffers are rewriting the leverage-ratio rule greatly reducing banks' required capital. The New Republic writes about this shift in Republican conservative thinking.

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Love seeing those Republicans sell us out...

#1 | Posted by Sycophant at 2018-01-23 03:22 PM | Reply | Newsworthy 2

Stopped reading right here:

That legislation, which passed the House along party lines but is not expected to pass the Senate,

Good. This is why we have a bicameral congress. This is why the Senate exists and it has instituted a filibuster rule. For everyone who complains about disproportionate representation in the Senate, this is why it exists as half of congress. The Senate exists, in part, to prevent the majority from running roughshod over the minority.

#2 | Posted by JeffJ at 2018-01-23 03:33 PM | Reply

OK JJ, but you have it backwards. This is an example of a minority running roughshod over the majority. The majority are getting screwed royal, but then that has always been the plan, in every society.

#3 | Posted by bayviking at 2018-01-23 04:30 PM | Reply | Newsworthy 1

Keep in mind, Viking, that this is likely to die in the Senate and were it to poss it likely would set up another bank meltdown.

#4 | Posted by JeffJ at 2018-01-23 04:34 PM | Reply

Love seeing those Republicans sell us out...

The sell out was not letting these banks fail in 2008.

#5 | Posted by Ben_Berkkake at 2018-01-23 06:30 PM | Reply | Newsworthy 1

"The Senate exists, in part, to prevent the majority from running roughshod over the minority."

It does that by allowing the opposite, right?

#6 | Posted by snoofy at 2018-01-23 06:39 PM | Reply | Newsworthy 1

After our recent experiences with banks failing it is absolutely irresponsible for Republicans to even suggest reducing regulations on banks and equally so for citizens to vote for politicians who are so obviously controlled by lobbyists.

#7 | Posted by danni at 2018-01-24 10:26 AM | Reply

No surprise coming from a dumbass who was protected by using bankruptcy on multiple occasions. This is another cultural change that was never modified in the Constitution to prevent this problem. Politicians shouldn't be the ones who make financial decisions. That isn't how it was when this country was founded but then that changed over time and we never updated our government to adapt.

#8 | Posted by humtake at 2018-01-24 11:49 AM | Reply

If those banks had been broken up after they caused the Great Recession, we probably wouldn't be having these issues now.

#9 | Posted by Whatsleft at 2018-01-24 11:58 AM | Reply

"Politicians shouldn't be the ones who make financial decisions. That isn't how it was when this country was founded but then that changed over time and we never updated our government to adapt."

So, who should be making such decisions? We just have the wrong politicians making those decisions, i.e. Republicans who have brought us every major recession or depression since 1900.

#10 | Posted by danni at 2018-01-24 12:03 PM | Reply

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