Poll: Are big banks out of control?

Should there be stricter regulations on big banks?

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Share your thoughts in the comments below.

 

 

Comments

  • Bkazlowski

    We have a government bought and paid for by the wealthiest 1 percent. Thanks to the Supreme Court and their Citizens United decision, it is worse than ever before. Ordinary citizens don’t have any influence at all except to vote, and the GOP is working hard to disenfranchise as many low income Americans as possible. We all know that big banks are still a danger to the country’s economic well-being, but lobbyist money will prevent any meaningful financial regulations as long as republicans control the House or Senate. it gives us a hopeless feeling. because we don’t have millions of dollars to buy influence.

  • Paul Hopper

    The banks are out of control in spite of federal regulations. When they finally begin to fail, we should let them die and begin again.

  • tyb

    The bankster lobbyist have purchased most of congress and are the actual writers of the current regulations ..  they keep scrambling to find new and confusing language .. that is then condensed for the idiots/puppets on the hill .. state and local are no better .. power corrupts ..

  • Mark

    We cannot allow the banks to continue without tighter regulations!
    If we don’t control the banks we will see a real revolution of the middle class soon!

  • Anniegyg1

    We have a government of the corporations, for the corporations and by the corporations. Forgive my spelling but the Glass-Steagall repeal by my beloved President Clinton and his signing of NAFTA was in part responsible for the global economy we have today.

  • Jeffrey678

     It was as obvious 300 years ago as it is today:

    “Though the principles of the banking trade may appear somewhat
    abstruse, the practice is capable of being reduced to strict rules. To
    depart upon any occasion from those rules, in consequence of some
    flattering speculation of extraordinary gain, is almost always extremely
    dangerous and frequently fatal to the banking company which attempts
    it.”

    -Adam Smith, quote. Read it for yourself. An Inquiry into the Nature and
    Causes of the Wealth of Nations, PART III. Of the Expense of public
    Works and public Institutions, ARTICLE I.—Of the public Works and
    Institutions for facilitating the Commerce of the Society.

    As the great Adam Smith warned us: many capitalists will get rich under
    this system. Unchecked, they will then use their power to destroy the
    system in order to perpetuate their spot at the top and eliminate the
    competition, thereby ushering in oligarchy.

  • Ron

    It’s a shame  that 1% of the people involved in influencing the outcome of this issue probably represent 99% of the influence being applied on this issue. It Sucks!!

  • Rpbcorwin

    No question – the need for additional financial control and oversite of our Banking System – both commercial and investment entities – is required!

  • Franklin

    Part of the problem was the maze of regulations placed into effect by the Dodd-Frank Act.  Many are good, but the major change was missing — a return to the Glass Stegall Act and its wall of separation between investment banking and commercial banking.  That prohibition was straight forward, and no lobbyist could undo the act by influencing the regulations or cutting the number of regulators.

  • http://www.facebook.com/jerry.bloomer Jerry Bloomer

    Our congresspeople are corporate lap dogs and our regulators are unwilling to regulate. Occupy!

  • Paula DeMarta Mastroianni

    The Henry Ford quote at the end of the show said it all. Deregulation + greed = destruction. You BET more regulation is needed, and NO MORE BAIL-OUTS.

  • http://www.facebook.com/jphalstead3 John Halstead

    When did America get so soft and stupid? There have always been greedy people at the top – it’s an ugly fact of life that no ideology or sign-toting protestor can change. The reason we got screwed is because our gov’t failed us, not the 1%!! The fact is that our political system is broken. Big media & politics encourages people to get into gov’t who don’t belong there – idiots who crave attention. We don’t need a gov’t that is more powerful or throws more money into regulatory activity to fix the problems with the big banks. They had all the money and staff they needed, but they lacked the SMARTS and the KNOW-HOW. The X factor is not stricter regulation, it’s smarter and swifter regulators. The problems that happened with housing that cascaded into a full blown recession should have been dealt with by the gov’t on the current budget and policies that were in place. The reason nothing was done is because gov’t moves about 100x slower than the financial institutions. When are we going to stop calling out the 1% for being greedy and sly (a total waste of energy) and ask the right questions: like “Why are greedy people smarter than our idiotic politicians??”
    Answer: Because we elect idiots.

  • Bpardo

    I think it’s laugable when financial industry spokesmen say ” the regulators knew what was going on”
    regarding various malfeasances such as Libor rigging; (as if that excuses their behavior.) Of course they did, because they are “shills” for the industry, ”revolving door” participants who represent the industry they regulate and not the public.

  • George

    WHY????  They lose billions, what more punishment do they need.  They will obviously do it differently the next time.  They are not stupid, like anyone else they try to make more profits, but when it doesn’t work, they will learn from their mistakes.

  • Texassaddlebum

    The lack of banking and market regulation has put this country’s economic health, and the public at large, in jeopardy of losing all the progress we have made over the last 226 years for human rights, justice and the creation of a sustainable middle class. Inane Supreme Court decisions that permit unlimited secret funding for special interest groups that corrupt the media and politicians and recognize Golems (also known as corporations) as a person, when in fact they are only a fiduciary instrument for financing and conducting business, cripples the ability of the common citizen to fight back and leaves us all vunerable to the whims of avarice. This has been allowed to occur with the lack of regulations and the support of the banks. Where is the common human now to go for justice and a level playing field? Can you imagine any organized sport being played would be without rules or referees?

  • Barry Thrasher

    We lost trillions of dollars just FOUR YEARS AGO, yet no one on Wall Street, or Banking Oversight (Dodd and Frank) or in the SEC (Christopher Cox) went to jail and NOTHING  has changed! Not IF, but WHEN the next meltdown happens, life-as-we-know-it will change forever….World Chaos!!!

  • Larredon

    This is one of the best Need To Know programs yet!! Everybody needs to see it. Looking at our history shows clearly that the period following FDR was virtually crisis-free. Now Big Banks run everything. What do we need to do—march in the streets? The Congress never funded the agencies charged with writing the new rules. Of course not, they are in the pockets of the Big Banks. I may bury my money in the back yard.
    Faithful PBS listener

  • http://www.facebook.com/danfreiberger Dan Freiberger

    Four years ago, when the Wall Street and Big Bank bailout was being considered, my insistence before we bailed out WS and BB was that all those fat cats would have to be required to give up whatever they accumulated while making bad investment decisions costing them hundreds of billions; i.e., give up your 7- or 8-digits “salaries,” give up stock options or other negotiable instruments obtained prior to the bailout era; if you have nice houses or mansions, you will need to move out!  Of course, the government (of the rich, by the rick, for the rich — not “we, the people) did not insist on the fat cats giving up their assets, the very fat cats responsible for the 2008 financial collapse!  They get to keep living high on the hog while the rest of us keep busting our nuts to continue funding those corporate bailouts and welfare!

    Tell me something, since everyone who dies is as dead as everyone who dies, when you out-of-control fat cats do die, what?  You think you’re gonna take all that money with you?!

    Wall Street, Big Bank, Major League sports, filmmakers … why do people keep supporting all those expensive if not out of reach entities?  I have continually refused to pay $10 or more for a theater ticket!  I have refused to do business with Big Bank; I’ll stick with Credit Unions thank you very much!  I refuse to pay $50 or more for a ticket to an NFL game!

    As Afroman said in a song back in 2001, “—k the corporate world!”

  • Sci201

    “Absolute power corrupts absolutely” in our understanding of the problems facing America, we need to quit hiding behind institutions. We need names, not terms like Wall Street. The American middle class needs the names of the power brokers who are making these decisions. The financial institution are coming in conflict with all other institutions, because of widespread corruption by financial leaders. However for the most part these leaders and lobbyist brokers are allowed to remain anonymous.

    This is outrageous, and must be regulated! Wall street professionals that are truly interested in justice over profit, should work tirelessly to translate the language that’s used by wall street to hide the complex schemes used to still wealth away from the middle class. Regulation is the only way!

  • Paul Godt

    I am a retired Quality Assurance engineer who worked for over 20 years at a nuclear power plant in Missouri.  Strong regulatory oversight significantly improved plant efficiency and protected the health and safety of the public.  Strong regulatory oversight of big banks will have the same beneficial result the nuclear industry has achived in the United States.  Big banks must be trustworthy for our financial system to operate.

  • http://twitter.com/EliRivers1 Eli Rivers

    Well, NTK is slightly improving since it’s sorry inception. This week it started off well, but when the American Enterprise Institution was interviewed, NTK did a horrible job of stating what the AEI is all about and its history. Why didn’t you get The Chamber of Commerce? How about the Koch Brothers? Please, treat your audience with more respect. A little more “full disclosure” please.

  • Judiet2007

    George, how old are you?  Obviously they haven’t learned from the past and past experience.  Greed seems to be the ultimate motive and left unchecked it will get worse but I don’t think the government is the one to do the oversight and I don’t know who else can.  In 2008 and before, the government agencies who were supposed to be watching, didn’t do a thing. The people selling stocks and derivatives on Wall Street and also the mortgage brokers were making huge salaries and bonuses during that time and most knew what they were doing was wrong but felt it wasn’t up to them to stop it….and lose all those bonuses.  Many of the people borrowing the mortgage money and benefiting from the stock market knew something was wrong but didn’t question either and should have.  “I” was a mortgage broker and later in real estate and people would say, “If the bank says I can afford the mortgage, I must be able to.”  Why did they say that……because they wanted the house and were justifying what they were doing.  Some truly didn’t understand and weren’t told that their payment would go way up when the “true” interest rate kicked in and the house was assessed in addition to the land.

  • LC

    I have spent my career in Wall St, in fact, in the hedge fund industry in the past 15 years but I am convinced that Dodd-Frank does not go far enough. There certainly is a place in markets for risk taking but the public should not be on the hook for bailing out failed enterprises. The banking services needed by individuals and small business should be walled off from the systemic risks of those risk takers. I advocate a return to Glass-Steagall. 

  • Judiet2007

    I do feel helpless and I believe we are out of control as nation.

  • Mgpepe

    Yes there should be more regulations on big banks. Not
    just on the banks but all of Wall Street. Greed seems to be everywhere in this
    world and that’s bad for everyone who lives outside of it. The game is to work
    the system in order to make themselves rich, and boy do they know how to play
    it.  These fat cats use their ill gotten
    gains to buy more influence to make themselves more powerful and gain even more
    money.  And in the process bilk the rest
    of us with additional fees and confusing forms and terminology.  It doesn’t matter who they hurt, just as long
    they get theirs. The average American struggles while these guys and gals sit
    back and laugh at us. This is a disease that is eating at the very soul of our
    country and needs to be stopped. Only regulating their behavior will do that. 

  • http://twitter.com/ysawhtiee Bennie Beaver

    Stricter regulations, or better uses of present regulations, or break them up to recreate competition and more manageable regulations.

  • http://twitter.com/ysawhtiee Bennie Beaver

    Stricter regulation, or better use of present regulations, or break them up to recreate more competition,  better manageability and more effective regulations.

  • http://www.facebook.com/danfreiberger Dan Freiberger

    Take notice of the poll… ironic that 1% say ‘no’ while 99% say ‘yes’!

  • Kenneth

     The quote below is from the book Capitalism and Freedom written by
    Milton and Rose Friedman. Dr. Friedman is the economist who is quoted
    most often when conservatives are praising free markets and capitalism.

    “But we cannot rely on custom or conscious alone to interpret and
    enforce the rules; we need an umpire.These then are the basic role of
    government in a free society; to provide a means where we can modify
    rules, to mediate differences among us on the meaning of rules, and to
    enforce compliance with the rules on the part of those few who otherwise
    would not play the game.”

    For whatever reason, this part of Dr. Friedman’s philosophy is never mentioned when it comes to making “free markets” work.

  • http://www.facebook.com/profile.php?id=100001960874079 Gram Slohcin

     Fine…IF we taxpayers weren’t held responsible to bail out people’s deposits that are lost due to either criminal or stupid bank investments…that’s what Glass-Steagall accomplished for 50 years or so, until Congress dismantled that law in 1999. & BOTH parties did it!

  • Frccompton

    absolutely: We are being led to believe that banks will self-rgulate if we only let them. How utterly rediculous!

  • amadan

    There is absolutely no accountability expected from those who currently have the authority to change the way this industry conducts business.  We have a ”new Mafia” and we, the little guys of the middle class, can wait in vain for criminal action and tighter regulations against these bullies.  Never mind the lost pensions (Enron, American Airlines), or our severely reduced retirement portfolios, or the bailouts we’ve made.  We must be willing to make sacrifices and suffer austerity so that those who have can have more.  Ah history and the lessons it teaches… over and over again we’ve seen the failure of self-regulation. 

  • Sandino90277

    I f banks are too big to fail, they’re to big exist, break them up for the sake of the rest of us.

  • Disgustedandtensome

    I think WE need a Bastille Day!

  • Eleslie2

    The trend toward deregulation over the past few decades has resulted in our recent financial recession.  Even today, the bank are continuing to exhibit some of the same manipulative and risky behavior that got us in trouble recently. 

  • Lois Tigay

    Enjoyed your 7/13/12 show.  My question is, did the housing legislation intend to generate all that money for banks and mortgagers by taking advantage of inexperienced mortgagees; or was the intention to find a way to make home ownership and economic participation available to more people, strengthening the economic base of the country?  The gentleman who is against financial regulation blames the legislation, not the banks, for the choices financial institutions made to take federal funds, ignore the quality of the loans, and then make money betting against the bad loans they set up. His defense points out the need for regulation! 

  • Hincher

    The stooge from Aspen, Co. should not have been let off the hook so easily. The mortgage collapse was not due to housing policy. The banker’s interpretation and manipulation of said policy emboldened greedy and predatory actions. Fraudulent loans and the ensuing overleveraging of CDOs and derivative insurance products caused the meltdown. The defense that deregulation did not lead to or contribute in any way to the recession was interesting yet untrue. If this mouthpiece has truly been pushing for freedom to commit fraud since Reagan and takes no resonsibility for his actions I can see no reason why anyone would believe a word he says!

  • exCFTC

    I worked for the Commodity Futures Trading Commission for many years.  Senator Gramm insured that CFTC was dismantled and underfunded so it could not do its job.  When Brooksley Born, one of the Chairs of the Commission, pointed out the deregulation dangers, she was asked resign.  BTW guess who the Chairman of the Commission was previous to Born.  Wendy Gramm, that’s right the wife of Senator Gramm!

  • It’sMaryNotMarie

    Ressurect the Dawes, Tomes, Mousely, Grubb Fidelity Fiduciary Bank.

  • Hincher

    I agree. If banks need to leverage their risk they must be taking on too much!

  • TheNameIsMaryNotMarie

    Rots’o'ruck.

  • ItsMaryNotMarie

    You mean BOTH of them?

  • Fwest32

    The foreclosure crisis was the inadvertent result of greed by investment banks and credit rating agencies who traded on the historic AAA credit rating of U.S. home mortgages, intentionally inducing unqualified borrowers to enter into mortgages that were designed to default. The perpetrator banks overshot the safe limits of this fraudulent conspiracy and brought the economy down. When property values fell and borrowers began to default in larger than the typical numbers, the courts and the regulators, being the first to become aware of the impending crash, were remiss by pretending that nothing untoward was happening. Foreclosure was historically a “one-off” result of the inability to pay a debt on time. Chancery courts still have not admitted that defaults based upon the fraud behind the crash are void. The “regulators” who were ex-bank employees and either knew and ignored the fraud or were incapable of performing the required oversight that the fraud so effectively obscured. The damage done to the fabric of this nation will not be repaired in the lifetime of anyone now alive. The market is the primary corrupter, seeking fools to exploit, via every human orifice available.

  • http://www.facebook.com/megadutch John Denooyer

    What’s the argument against re-instating Glass-Steagall?

    http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act 

  • Noreply

    That’s how it works…infiltrate the establishment to gain control. All major government to industry relationships are like this. One day your a “regulator,” the next day, you are the industry’s lobbyist. 

  • Guest

    We need to reinstate the Glass–Steagall Act. It worked!

  • Mvdehn

    the chicago boys did a lot of damage in time, the louder voices always carry the day.  this has brought us to this sorry juncture.  The louder voices chasten consciences which slowly give up and join the greedy mob.
    nothing works well on the long run without  some limitation. children and pets are happier when thy know their boundaries and managers are more efficient and content when they know theirs, this way they know where to push and expand after exhausting their realm.  
    The show American economic and political leaders have been putting on for the world is deeply embarrassing, as their statements and arguments have the glare of stupidity.
    Marie

  • LeveragedRisk

    Replying to Hincher: Hmmm…leveraged risk, now that sounds dangerous. Or a good name for a rock band – Leveraged Risk!

  • GillOtine

    WE did, it was called Occupy Wall Street. Need to sharpen OUR guillotines as no heads rolled.

  • genovese

     …and utterly logical.

  • LeveragedRisk

    Sure, just like “the whale” at JPMorgan-Chase has learned??? He lost BILLIONS and his job (one of the very few to do so). So much for obvious lessons!!!!!!!!!!!!!!

  • LeveragedRisk

    I know, let’s Occupy Wall Street!! That’ll fix it!

  • Tau

    “Out of control”? To put it mildly; more like on a meth high.

  • Tucson realist

    Our lives are held hostage to Wall Street’s greed. The banks are completely out for themselves. We need Glass-Steagall II!

  • http://twitter.com/McElhiney64 Thmsmc

           I honestly believe that all three branches of our goverment has become corrupted by the big Wall Street money on Capitol Hill, I once thought that the Supreme Court was our safeguard ,but they betrayed us with the citizens united decision. Just remember, the Romans thought thier world would stand forever too.

  • LeveragedRisk

    Hey man, corporations are people too, Supreme Court said so! Can you believe that? 

  • LeveragedRisk

    Democracy is dead in America, corporations rule!

  • LeveragedRisk

    Yeah, man! A friggin’ oligarchy, that’s what we 99%’s got! 
    http://www.nytimes.com/2011/11/04/opinion/oligarchy-american-style.html 

  • KimZee

    We seriously need to go back to the original laws; straight back to the original laws with no lobbyist involved.  The Romans thought they were “too big to fail”.  The greed in this country, will be the demise of this country.  We have Plutocracy: we now have a government for the wealthy, by the wealthy and controlled by the wealthy.    

  • http://profile.yahoo.com/5SX4TC6RZWT2VHGF4G2AW75MNA Rammit

      wealth begets wealth.  wealth is destroying everybody less than wealth.  banks are spending money that is not theirs.   look at our retirement system.

  • Susan Heck

    As long as we put our money up to cover there losses they should be controled.  Let them pay for their mistakes not us.

  • Anonymous

    I think the bankers on Wall Street need a ride through the streets on tumbrels followed by a bungie jump with a hemp rope. All across america there are people living in cars while the banks leave vacant houses to rot. There are empty storefronts where people have no jobs. Small businesses that are failing because their customers no longer have full time jobs or jobs at all. The bankers, however, get to pay themselves with zero-interest loans from the Fed discount window. 

  • Clayn

    Reinstate Glass/Stiegel and properly fund the regulations.  Regulators should be also be regulated.
    I think because this debogel cost the people/America 40% of their equity there is no excuse to not fund this effort. 

  • Gogome26

    If congress is purchased, they can go through the process of appointing regulators & underfund them. 
    Reinstate Glass/Stiegel to begging with. 
    Follow through with educating the average citizen to stop voting against his own interests.

  • JB fm Az

    Some very interesting comments from obviously intelligent viewers.  I agree with everyone.  The Aspen, CO, “Stooge”, like most Republican Congress members, uses rhetoric and PERSONAL OPINION to try to make his agrument. Spending $160M to keep regulation from being implemented is NOT innovation, as Stooge suggests regulation prevents.  Here is an idea to perhaps begin to save Social Security and Medicare:  Combine the taxpayer-funded retirement and medical insurance funds that Congress voted for themselves with Social Security and Medicare.

  • Leslie Haynes

    Do the Big Banks really think we the people believe their snow job?  It’s deregulation that brought on all the problems in the banking industry.  And they want carte blanche after we’ve bailed them out and then they’ve managed to continue high risk speculation to boot??!!  All the while continuing to pay themselves bonuses!!!  Who are they kidding?  They’re crooks!  And not all of us have amnesia.  The savings and loan bailouts were less than 20 years ago ; how often do they think we can rescue and revive them?  OUR incomes and opportunities have been SHRINKING in the interim!  Hello???

  • Leslie

    Damn right; that’s what happened to Ma Bell and these cabals are much bigger!

  • Nrcbtm1

    Mr. Peter J. Wallison of the right-wing think tank, American Enterprise Institute, blamed the 2007-2008 financial meltdown on the long term government policy of encouraging home ownership.  I think he’s just blowing smoke, causing a fog so that ordinary people think that there are two sides to this argument.  The right wing doesn’t want to admit that the what caused the debacle was the desire of institution managers and private investors to find new low risk high yield investments.   to continue to make double digit profits, a profit historically appropriate to higher risk investments, but not to low-risk investment grade blue-chip securities.  I think that what happened is that investors got used to double digit investment percentages during the inflation that occurred in the Reagan/Bush-I years.  (Years in which the national debt sky-rocketed, probably due to ballooning defense spending, which may have also been why profits were so large.  The defense spending was a huge stimulus at a time when the economy didn’t need stimulus.)  But when inflation got under control, and conventional bonds and other low-risk investment incomes retreated toward historical norms, CEO’s and CFO’s were pushed by shareholders to continue to make the same returns on investments.  The taste of greed seems to be addictive.

    I doubt that the government home ownership policy told banks to make loans to people they knew had a high likelihood of  default, or encouraged the rating agencies to give investment quality ratings to the ultra high risk mortgage backed securities the financial industry created as a way of financing more mortgages.  Nor can he blame government policy for the financial genius who invented ways to separate the company that issued the mortgage from that risk, i.e., to make poor quality loans and sell them to unsuspecting buyers as safe mortgage backed securities.  (The sophisticated purchasers bear some responsibility for ignoring the maxim that if something seems to good to be true it probably is.) While it was true that banking regulators such as the Federal Reserve and the Treasury Secretary had some knowledge of what the banks were doing, the only banking regulator that was alarmed about it was Sheila Bair, the head of the FDIC. The FDIC did not regulate the large banks that were creating the problem, and it was such a small agency compared to the Federal Reserve and Treasury Department that no one listened to her warnings. 

  • Pwhalen24

    WALL STREET Banking Institutions are seriously increasing their political power to dominate markets without regulation,   The financial industry has benefited from the shift towards de-regulation, at the trusted investors expense to where systemic failure and overall confidence in the current financial system are preceived to be corrupted by greed, negligence and total mis-management of the public trust. 

  • Nrcbtm1

    I’m a retired nuclear regulator.  The deregulation of the financial industry clearly went ridiculously too far.  They dismantled the protections the New Deal put into place as a result of 1929.   But over-regulation can also be a problem.  After the core melt at the Three Mile Island 2  nuclear power reactor, various offices of the U.S. Nuclear Regulatory Commission imposed so many rules that there was a legitimate concern that the plant operators didn’t have time needed to safely operate their plants.  The NRC headquarters added a self-governing “backfit rule” to impose a discipline to what its offices were doing to the operating plants.  But even with the best regulations, over-confidence can lead to problems.  Deferring required inspections led significant erosion of the reactor vessel at Davis-Besse.  Too bad our government is so influenced by big money lobbying that overconfidence in the financial industry is far from our concern.

  • TOMKATS777

    Ask yourself This, Why is wall street spending billions of dollars to keep deregulation. The housing crises is not responsible for the recession created by the greed of wall street (Banks). deregulation over a peiod of 10 years is responsible.Think of this, If some one told you that you could go to vegas with unlimited funds and not worry about the losses and you could keep all the winnings – WHAT WOULD YOU DO? Remember this is our fault, we vote the politions into office whos votes are bought by wall street. It is our ignorance and our lack of understanding that allows these politicians to lie to us to get our votes but we can change that in the next election. We have two parties that matter. One belives in the trickle down theory. This is the party that says if the wealthiest people are doing well then they will spend there money and this will create jobs for the rest of us. This was fine untill 10 years ago when they started to spend most of there money out of the country on cheep labor, leaving us to beg for the crumbs. on the other hand the other party belives in building a strong foundation at the bottom and let the money flow up. If you build a house or building that is going to be strong and safe would it from the attic down or the foundation up. maybe my common sence is twisted but after 54 years of being on both sides of the fence I can tell you this, I am tired of the BS, America open your eyes and refuse to be lied to. Use your own common sense. your know what is true. WAKE UP ! 

  • Tomaklip

    Reinstate Glass-Steagall it worked for over 50 years

  • Ogreenberg

    Wall Street people and the bank people stole all our money, and none of them has gone to jail for stealing our money.  The politicians are in their pockets.  Nothing can be done.  We are heading into
    another collapse, only this time it will be much worse.  War is on the horizon, thanks to bad, crooked
    politicians and people controlling money in usa

  • Tom

    Suggest you provide a counterpoint to Wallison and his sick Reagan con

  • Davidsoncasey

    Separate speculation/risk  side of banks from the securities/investment side like it was. at some point regulations can become onerous, but the financial markets are a long, long way from there. Americans are being driven into the dirt, and it’s the lack of regulations in so many areas that’s allowing it to happen. Bullies need to be controlled.

  • Tom

    I believe Phil Angelides led the commission which studied the cause(s) of the Great Recession.  As I recall Wallison was a member of the group.  Angelides would do a much better job explaining how we got shafted by the big banks and provide the commission consensus.

    Suggest you invite him on the show if you are looking for the truth?

  • Youngatheart5376

    actions speak louder than words, so in saying that just look at the money the finacial sector is putting up to looby in there interst, and this casino style of banking has got to stop!!!!!

  • Youngatheart5376

    yes and the GOP also want to hand over our social security, please people don’t be mis-led by the GOP lies!!!!!!!!!!

  • Youngatheart5376

    ask a GOP I’m sure they can can come up with a zillion lieing reasons

  • Tom

    Democracy without regulated capitalism will not survive.

  • Tom

    Democracy without regulated capitalism will not survive.

  • Niceprice

    We CANNOT continue to let the fox into the hen house and think the hens will survive!.Reinstate Glass/Stiegel.

  • Niceprice

    We CANNOT continue to let the fox into the hen house and think the hens will survive!.Reinstate Glass/Stiegel.

  • Niceprice

    We CANNOT continue to let the fox into the hen house and think the hens will survive!.Reinstate Glass/Stiegel.

  • christine webs

    jeff greenfield did not challenge Mr wallison’s claims at all..Dodd frank has not been funded yet..so has not taken effect also he claimed that housing,mortgages and lending caused the 2008 disaster….which proves that we need more regulations not less 

  • lgfromillinois

    The Bibilical prophets warned of “Shepards who feed themselves’”  These big banks gorge on the people’s money, and when their bad decisions threaten their existance, they ask for more money to stay fat.  As a minimum we need a re-introduction of Glass-Steagel and a break up these bloated behemoths.

  • Richard

    Banks, indeed all of the “private sector,” have demonstrated time and again that they do not self-regulate. Their primary modus operandi is profit driven. We live in a culture defined by success. Those two ideas have come together as greed. So while profits are terrific, absent some measure of control over economic sectors on which we all rely, e.g., banking, insurance, etc., inevitably consumers, or collectively the economy, are bound to become victims.

  • http://profile.yahoo.com/XSD6WH76KFYS3JIPDEUUDGGL54 George Bush sucks

    I am sure the 3 votes for less regulation are from bankers or wall street investment firms.

  • jh

    For all the obvious reasons; simple approach – reduce how many states banks can operate in — back to the rules “whenever” (in the 80s?? im hardly an expert) – and reinstall glass-steagal?? regs.

  • jh

    They’re still arguing over the specific regs – and wall street is throwing money all over to influence this.

  • Lquilici

    Your voting is 99% to 1% sounds familiar!  Political will to make changes everyone agrees needs to happen will transpire when there is blood in the streets and finacial ruin with the 99%.  I belong to the Senior Occupy Movement….we dont yell or shout, march nor campout.  We just move our $$Millions from to Big to Exist Banks/Investment Firms to smaller ones and wait for the CRASH to occur.

  • Dube45

    More effective controls are a must!

  • Macgregor

    I attended the very first day of Occupy San Diego.  I talked to 3 strangers there.  Each one had worked in the Banking Industry for up to 20 years and did not like the system as it is working now.

  • Phyllis

     Watergate taught us to follow the money.  The convoluted bank deals have yield outsize profits for banks, shareholders and those top 1% at a time the middle class lost 40% of its net worth.  A sense of ethics and shared sacrifice has been lost.  Regulation is only part of what is needed to keep greed in check – we need a rethinking of what it means to be a member of society.

  • Supergirl

     I think they are from idiot tea-partiers who think all government & regulations are bad.

  • Rgritzenthaler

    The bankers a greedy thugs that would stomp their own mother for a buck.  Regulate such scum!!

  • Vsks

    I regret I didn’t think much of the interview of the industry spokesman. There was no follow up on his assertion that Dodd-Frank (ironic sponsorship) hurt the market. Why wasn’t he asked to show the connection? Maybe there was another cause for the market slow-down. Why can’t reporters dig deepe? It’s frustrating. I’ll bet Mick Wallace wouldn’t have let that get by him.

  • Yvon

    As a Canadian, I am dispayed at seing the USA destroy itself by being controlled by the worst aspects of Capitalism.
    Canadians banks are regulated: no problem here
    Some canadian institutions buy in to Derivatives, a US invention, and loose billions…
    USA is a warring nation in need of real Democratisation, in no position to preach it for others!!!

    Hoping the 99% will prevail…

  • Taurax

    If banks and wall street had as many restrictions and regulations as the people they claim to be helping we (you/me/us/US/our economy) would be in much better shape then we are rather then sponsoring the wealthy. I will never believe God put me here in this condition so rich people could tell how well off they are.

  • Jeanc2006

    I was disappointed in how Jeff Greenfield allowed Mr. Wallison from the American Enterprise Institute get off so easy when he blamed the entire collapse on the sub-prime mortgage collapse.  The amount of regulation in the financial marketplace was paramount in the implosion, and even regular people can plainly see that.   

  • Yvon

    Unlimited funding to support elections by Corporations is not Democratic.
    No universal health care system for citizens is not Democratic.
    Less tax for the rich is not Democratic.
    Deregulation is not caring for all citizens.
    Self regulation is wishful thinking and great for those who, inevitably, will abuse your thrust.

  • Richijk

    Time to separate banks like they were when Roosevelt made regulations!

  • Rkornheisl

    the Henry Ford quote says it all……………………..” It is well enough that people of the nation do not
    understand our banking and monetary system, for if they did, I believe
    there would be a revolution before tomorrow morning.” ………where do i re-enlist!

  • Rkornheisl

    the Henry Ford quote says it all……………………..” It is well enough that people of the nation do not
    understand our banking and monetary system, for if they did, I believe
    there would be a revolution before tomorrow morning.” ………where do i re-enlist!

  • DAVID

    That is a powerful quote from a true patriot and man of vision. thank you rkornheisl for enlightening us with that powerful quote from henry ford. IF ONLY PEOPLE WOULD WAKE UP AND TAKE THOSE WORDS TO HEART!!! GOD PLEASE!! WE SHOULD BE IRATE AT THE CORRUPTION AND CROOKED ACTIONS OF WALL STREET!! Enough to make our voices heard. Sadly I feel our voices are only as loud as the amount of money behind the voice, and even though a million Americans want our government to act against this corruption, the voice of a single large corporation is louder (they have more money behind their voice than a million Americans) and they have the resources and time to put a buzz in congress’ ear 24/7. AS AMERICANS DID YOU KNOW WE PAY FOR EVERY CORRUPT MOVE, EVERY THEFT IN THE MARKET, EVERY SCAM, EVERY CROOKED MOVE THE WEALTHY MAKE ON WALL STREET trickles down to the bottom where all Americans will end up paying for this greed in either taxes or the resulting effect of rising prices. SICK OF IT!! I have an idea that small businesses should be able to make profits. But I feel that if you these large corporations owe it to America to not profit for at least a year, but split their profits among their workers at the bottom in bonus or benefits. Instead these corporations do the worst to America and take advantage of a desperate economy and cut benefits or raises for the people at the bottom because they KNOW in this economy people won’t quit their jobs. Be mad at the car insurance setup too. They are profiting millions in selling a service Americans HAVE to pay for and they spend BILLIONS!! advertising, Instead of dropping rates, WE pay for their advertising. My God, thereare too many reasons this great country needs a revolution. Don’t be foolish, things will not change on their own. You must make an effort. WE HAVE HAD ENOUGH!

  • Palmettoblooms

    THIS IS A FREE MARKET SOCIETY, NOT A SOCIALIST ONE. GOV’T HAS NO BUSINESS REGULATING ANYTHING!!!! I will write my Congressman and Senator an ask them to defund PBS,to put an end to my tax dollars supporting this liberal/socialist broadcast.

  • Snortz

     Absolutely. Wallison is simply repeating this huge lie that Fannie and Freddie caused the crisis. Fannie and Freddie did not originate a single loan. They did not invent the term “NINJA loan”. Rather, they were a secondary player. The real cause – derivatives, lack of regulation, CDOs, and so forth.

  • Sonnybunny_1999

    People need to be protected from themselves, & their own stupidity. The American public needs to be protected from the greed of Wall Street & the banking system. Bring back the regulations AND ADD SOME! I vividly remember seeing an interview of a Hispanic yardman who said the banker told him his mortgage payment would be $5,000 a month and that he could afford it! So he went along with it, and moved in. When the house went into foreclosure, he moved back to the barrio! The banker, & the yardman, should both be in JAIL! Government regulations would have prevented the whole scheme / scam!!!

  • Community Bank Employee

    If you think banks need more regulation, you’ve never worked in one. Banks, at least commercial banks, are over-regulated. (Many people don’t know the difference between commercial banking and investment banking.) Over-regulation is impacting Community Banks the most, which are spending a higher proportion of time and money on Compliance, and are not the violators of public trust. Community banks have a strong interest in giving back to the local community, and in seeing it thrive. The regulations do NOT help consumers, but hinder the process, make consumers jump through hoops, and invade their privacy. Remedies should focus on financial education… There are plenty of good books and free classes (try your local library) on Managing your Finances.

  • Rod

    Need much stronger regulations and the ability to enforce all the regs. Also should break up any bank to big to fail.

  • cmoe

    I quit my job at Nestle usa when I found out all the crooked tactics that they use to make money and I also did more investigating on other “big corps” and realized most are the same way.  I am happy to not have to be a part of the out of control banking and political/corporate affairs.

  • Dorseyhallii

    Big banks need tighter oversight by regulators that already have the power to control many of the deficiencies may have added to our financial meltdown. However, the real root cause which congress has so secretly side stepped is the direct effect fhlb,fnma and Freddie mac had in causing the crisis. They approved and funded millions of mortgages to consumers that could not afford payment. Furthermore, they created exotic mortgage instruments that allowed borrowers to borrow more than the purchase price diluting equities in real estate markets across the country. Then, they allowed “express” loans and “low doc” loans whereas borrowers and mortgage brokers were not required to supply verified income, net worth, and short form appraisals that inflated value. With such financing availability in the market real property values shot thru the roof exacerbating the values further. There were no government examiners monitoring the quality of these loans, holding no one accountable. They were entirely outside the banking system but yet sold back into the system whereas banks balance sheet invested them. Its time someone also holds congress accountable. We need these companies examined and we also need a national auditor who can audit all agencies of the US.

  • SandyT

    I was outraged that Mr. Wallison was not called out for what is an obvious right wing talking point. The right would love to blame the financial crisis on “those welfare people”! The actual cause was far more complex: http://www.washingtonpost.com/business/what-caused-the-financial-crisis-the-big-lie-goes-viral/2011/10/31/gIQAXlSOqM_story.html

  • Nanzeee

    I pray every day for Bank of America to go under.

  • Anonymous

    Peter Wallison is a dinosaur. He belongs in the 18th century. What we need are more sheriffs. These bankers are desperados in the wild west of a capitalistic system gone badly astray. They need to be brougfht to justice before vigilantes take it into their own hands and string them up.

  • Jason

    Unfortunately Larry Summers is poisoning White house and people responsible for financial crisis are still in power. 

  • Anonymous

    An honest citizen. There still may be hope.

  • Anonymous

    Then separate community banks from investment banks and close the discount windows.

  • Anonymous

    You’ve been fed the pablem. Private mortages defaulted at more than double the rate of GSA’s ( 70%-30%). GSA’s had higher standards and only when they were relaxed as they joined in the party did they encounter their problems. Wall Street couldnt package their garbage fast enough so Wall Street created synthetic instruments and  raked it in (rates hat they received which were higher than they should be by rigging the LIBOR rate). They required credit default swaps from subptime borrowers  ,also phoney rates , to rake in more cash.They sold toxic packages to your pension funds and to your school treasurers, and to your towns and cities after they rigged the ratings and then bet against them and when they could not collect on the house of cards that they knocked down had the government bail them out. Of Course after muti billions in bonuses for the thieves and hustlers. The minorities were sold adjustable rates and subprime mortgages when they qualified for fixed rate loans ( witness the settlement this week). They sold Greece interest rate swaps too and brought down towns in far off lands with the poison they peddled. Their investors were also not spared as they lowballed LIBOR rates to dump the crap still on the books and to screw their investors by underrpaying what they owed. Peter Wallison needs a strait jacket because he is obviously mad and detached from reality.

  • Anonymous

    Lets disband the police. Close the fire departments. Shutter the schools. Close the prisons.No cures for communicable diseases.No vaccines. No Panama Canals. No national highway system. No TVA. No men on the moon and no internet. Let anarchy rule. No rule of law, no propertry rights,

    Do you really belief that what we have is a free market? We subsidize business to move jobs overseas, farmers not to grow crops, oil, gas, ethanol. We even allow patents on genes.WE won’t allow the importation of medicines or even to negotiate for a better price. There can be no free market with the way free marketers conduct business. It will be rigged as it is now.

    You want Might makes Right and survival of the fittest. You belong with Peter Wallison because your both in dreamland.

  • Anonymous

    Just speak a little louder. You’re making sense

  • Anonymous

    Amend the Constitution. No contributions Public Financing and a limitation on the amount to be spent witha access to the public airways.Term Limits to apply. Any politician found in violation to
    be shot at dawn.

  • Anonymous

    Divide and conquer. A scapegoat is needed to blame others foir the problems they have created

  • Anonymous

    Profound thoughts. A guillotine might also help

  • Anonymous

    Thats solution. Honest banks and bankers.with decent salaries and no incentive to steal

  • Anonymous

    The people need their own banks. Non profits run for the betterment of society.

  • Bruce M. Smith

    There is too much of an incentive for the big banks, the stock institutions, and others to do whatever is in their own interest, or, more likely, in the personal interest of those who stand to make millions and millions of dollars themselvs and ignore the best interest of the country as a whole.  The country’s interest be damned as long as their pockets are lined with money.  We need much more regulation to insure that the country’s interests are NOT ignored.  BUT, where to draw the line so as not to regulate excessively becomes dificult to determine.  In any case, we do need much more such than we currently have, and funding to do the regulating needs to be provided.

  • Anonymous

    For all those who think Canada’s banks are run by Anne of Green Gables, they aren’t. Try googling Reichmans’ (Canary Wharf, Olympia and York), Dome Pete, Power Corp from the mid-80′s Our banking system, amongst other elitist domains is and was  run by the same class of turds that entertain us worldwide with their misdeeds. The banks funded the above enterprises and had to be taxpayer bailed. This brought our country to its knees for over a decade. Lack of regulatory ‘teeth’ is often quoted as the major problem. The Liberals under Chretien finally brought in some semblance of control under massive public pressure. That’s why our wonderful banks are not part of the global ‘meltdown’, and not because of ‘good regulation’ by our current government. I lived through all this, and am posting to set the record straight…

  • http://profile.yahoo.com/NGSOUXVQAIA3LTE6GYFSWFSY6U Mary

    Sunday’s program was excellent journalism.  I appreciate that there are intelligent Americans still questioning the biases of financial elites in big banks and on Wall St.; how has deregulation helped the  majority of our citizens plan and participate in the economy?  How have tax cuts on the most affluent of these elites promoted productivity and job resources in the past decade?  I think hardly at all.

  • http://profile.yahoo.com/NGSOUXVQAIA3LTE6GYFSWFSY6U Mary

    Sunday’s program was excellent journalism.  I appreciate that there are intelligent Americans still questioning the biases of financial elites in big banks and on Wall St.; how has deregulation helped the  majority of our citizens plan and participate in the economy?  How have tax cuts on the most affluent of these elites promoted productivity and job resources in the past decade?  I think hardly at all.

  • SalinasPhil

    Not only are more regulations needed but the big banks must be broken up. The Frontline reports, as well as the facts laid out by Phil Angelides, provide more than enough reasons to justify this break up. Since the changes for more regulation and a bank break up seem bleak, I’m convinced that we will have another major financial crisis relatively soon. Like so many others, my faith in our corrupt political system and in American captialism have been shattered. Unless and until major changes are made, I choose not to participate.

  • SalinasPhil

    It’s _very_ encouraging to see the vote count above calling for stricter bank regulations. 98% in favor means there is some hope for America. Those that voted in favor need to take real action to make it happen. And more than voting is necessary, since almost all politicians are now owned and controlled by the oligarchs.

  • http://www.facebook.com/wally.parnel Wally Parnel

    Yet people will continue to vote the same trash that is in Congress now, back into office. And the banks will continue to trample all over the Middleclass. Seems, “Entertainment Politics”, is more important, than to be serious on the issues, to change the country’s direction. Failure over change is the GOP’s unending message with their entertainment politics.  Feel sorry for Obama, who is working for Americans, to have the other branches of government, fail its people. Maybe baneRomney getting elected, and have the country really fall apart is the game changer? Not with my vote !

  • http://www.facebook.com/wally.parnel Wally Parnel

    The destruction of Glass Staegal opened the gates for absolute corruption, and the GOP still supports the continuing problems, as they now own the middleclass’s future. Seems to move to Canada, before the Bush admin, restricted immagration in 2004, ruined my chance to avoid the current hopelessness of the current Congress. Canada is smart, they control their banks.

  • http://www.facebook.com/wally.parnel Wally Parnel

    Reinstate Glass-Steagall. That 34 page topdown document, kept the parasites from attacking America’s wealth. Pamettblooms, has absolutely, no concept of socialism, and I bet, has never read the definition. We now have no free market, thanks to the banks parasite attitude.

  • http://www.facebook.com/wally.parnel Wally Parnel

    Not unless people stop listening to the crap, Entertainment politics, and start again, voting for the issues. Thought that was going to happen in 2008. Voters got “pucked”, by the low hanging teabaggers in 2010, now its even worse.

  • http://www.facebook.com/wally.parnel Wally Parnel

    Bank to boring banking, and NO variable credit card rates, and 19% credit card ceilings. When interest rates pick up, the cycle of bankrupcy will return, as, so man are trapped by Banking ripp off, variable credit card rates.

  • http://www.facebook.com/wally.parnel Wally Parnel

    Tax the ill gotten profits at 94%, AS IN THE REPUBLICAN PRESIDENT EISENHOWER ERA, and there will be no funny money to spread around. Obviously they do not create jobs with the funny money.

  • Jane M.

    Our government brock Microsoft and AT&T to be different smaller companies, WHY NOT BROCK ALL THE BIG BANKS?  It’s not far if we don’t treat business the same I think.

  • Donald

    North Dakota has a good state running banking system with 2.9 percent unemployment.  Why not the rest of the Untied States of America?

  • JANEMJ1

    When a bank always inviting congressman/senators to
    their big “awarding” dinner, what happened behind the scene?
    Why those vote against American people, but protect the greedy banks? 

    WHY?

    I know someone paid their house loan about 20 years on time.

    A) The BANK TOOK 20+- YEARS OF MONEY from them.  Then health problems
    happened to that family members, they couldn’t pay it, asked for “loan
    mod”, Chase told them to make few months “TRILE payments” (WHERE
    THE MONEY WENT?), the family did it on time all those months, then AFTER THEY
    PAID ON TIME, CHASE TOLD THEM YOU HAVE TO REAPPLY.
    THEY DID, AND submitted the paper work submitted, Chase bank told the family to
    wait, but Chase auctioned this home to Bank of America $210,000 (the 2nd
    loan holder).  Bank of America posted sale $270,000, and sold $237,000 the
    house value went to under;

    B) THE BANK TOOK OVER THEIR HOUSE TOO! 

    C) NOT ONLY THAT, THAT FAMILY, NOT THE BANK, STILL OWES IRS OVER $16,000!!!

    D) CHASE AND BANK OF AMERICA in the IRS report CLAIMED THAT HOUSE WORTH OVER
    $500,000+, BUT THE HOUSE ONLY WORTH $237,000! We, the taxpayers have to
    pay their “BUSINESS LOSE – TAX DIDUCTION”! 
     Is this a fraud to our tax
    payers?

    Anyone knows how to deal with this kind of unfair treatment to our American taxpayers?   Anyone can help us?  Thank you so much!  – Jane

  • Tim

    For as long as we don’t have some control of how our government leaders get their money for their elections, nothing is going to change. money corrupts people. big money corrupts people in high ranking positions in government. the more money is given to people in power the less rules(regulations)are going to be passed to control problem industries. Welcome to the financial wild west, where the big fish eats the smaller one.

  • guest

    Banks in this country function more like donut or printing shops. They do not have any definite plan or  well-defined goals. If they think they have business, they open a huge branch premises with 20 teller counters and half a dozen ATM machines as if they have more business transactions than anybody else on this planet. If not, they simply close it. As one management expert puts it, ‘the leader only guides people, he does not force them,  and he always treats them fairly.’  Too many people often claim that our only responsibility is to our shareholders. I believe we are responsible to them but we are also responsible to our employees, our customers, and the community at large. Only when they have this thinking, then only will financial institutions such as banks will succeed in their business.
    The simplest things; that is what the banks have forgotten.