This proposal would harm lending and jobs. This is a bad time.

I don't see how. The banks aren't lending now, and they have the capital. The reason why they aren't lending is #@%$% balance sheets and credit impaired assets.

It's unfair!

What the hell is this? Kindergarten! You're right, it's not fair. The banks have received more than their fair share of assistance. See 10 Ways to say No, the Banks Have Not Paid Back Their Bailout from the Taxpayer! I am all for limiting the size and risk federally insured institutions can take. You don't have to face limitations, just leave the insurance program!

The big foreign banks will just come and take all of the American business if "Glass-Steagal" lite is enacted.

Bullshit! Wall Street has been the leading financial center of the world for many, many decades. We just repealed Glass Steagal in the Clinton administration. Are we suffering from short-term memory-itis?

Ben Bernanke might have outperformed Wall Street on the AIG bailout. The Maiden Lane protfolio has thrown off over $6 billion of cash plus capital appreciation...

 I've been calling for reducing risk and breaking up the big banks for some time. It is good to see that politicos read my work :-)

• 1. The Fed Believes Secrecy is in Our Best Interests. Here are Some of the Secrets
  2. Why Doesn't the Media Take a Truly Independent, Unbiased Look at the Big Banks in the US?
  3. As the markets climb on top of one big, incestuous pool of concentrated risk...
  4. Any objective review shows that the big banks are simply too big for the safety of this country
  5. The ARE trying to kick the bad mortgages down the road, here's proof!
  6. Why hasn't anybody questioned those rosy stress test results now that the facts have played out?
  7. If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It?
  8. If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It?: Pt 2 - JP Morgan
  9. If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It?: Pt 3 - BAC (the bank
  10. If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It? Pt 4 - Wells Fargo
  11. If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It? Pt 5 - PNC Bank
  12. The Next Step in the Bank Implosion Cycle???
  13. A Must Read: An Independent Look into JP Morgan. This contains the "public preview" document (JPM Public Excerpt of Forensic Analysis Subscription 2009-09-18 00:56:22 488.64 Kb), which is free to download.
  • JPM Report (Subscription-only) Final - Professional
  • JPM Forensic Report (Subscription-only) Final- Retail