Is Hilary Clinton getting advice from EW? This sure sounds like it Hillary Clinton wants to shake up the Fed Hillary Clinton wants the Federal Reserve to look a lot different. The Democratic candidate's campaign said Thursday that it supports a plan presented by Democratic lawmakers calling for more diversity at the Federal Reserve and removing bankers from the boards of regional branches. A statement from Clinton campaign spokesperson Jesse Ferguson argued that the changes were necessary in order to make the central bank more representative of the American people (emphasis ours): The Federal Reserve is a vital institution for our economy and the well-being of our middle class, and the American people should have no doubt that the Fed is serving the public interest. That's why Secretary Clinton believes that the Fed needs to be more representative of America as a whole and that commonsense reforms -- like getting bankers off the boards of regional Federal Reserve banks -- are long overdue. Secretary Clinton will also defend the Fed's so-called dual mandate -- the legal requirement that it focus on full employment as well as inflation -- and will appoint Fed governors who share this commitment and who will carry out unwavering oversight of the financial industry. The biggest issue raised in Secretary Clinton's statement is that employees of banks make up a considerable portion of the boards of the twelve regional Federal Reserve banks. The original letter, signed by Congressional Democrats such as Massachusetts Sen. Elizabeth Warren and presidential candidate Vermont Sen. Bernie Sanders, was sent to Federal Reserve Chair Janet Yellen on Thursday morning.... http://www.msn.com/en-us/news/polit...nts-to-shake-up-the-fed/ar-BBsYAmv?li=BBnb7Kz
The surprising reason bank CEOs won’t do any deals Keeping big banks from being broken up turns out to be great for their CEOs, according to one analyst report. There's a good reason CEOs on Wall Street don't want to break up the banks: It's also likely to crimp their pay. "Bank executive compensation is closely and positively related to the size of the institution, but not generally related to profitability." Keefe, Bruyette & Woods analysts said in a note to clients. Talk about a one-two punch for investors. As big-bank profitability declines, CEOs remain reluctant to consider splitting the companies up into smaller pieces... http://www.cnbc.com/2016/05/16/the-surprising-reason-bank-ceos-wont-do-any-deals.html
Why Save the Bankers?: And Other Essays on Our Economic and Political Crisis Hardcover – April 5, 2016 by Thomas Piketty (Author), Seth Ackerman (Translator)
Yes, I am all for diversity: Not all our Supreme Court Justices should be lawyers, some should be housewives, some engineers and some farmers. Allow only one each from Harvard and Yale on the Supreme Court instead of most of them. We should hire non scientist as NASA Administrator to diversify, a butcher as The Surgeon General.... That way, we have true diversity in our society.
Wall Street tells Hillary Clinton: We'll cut you off if you pick Elizabeth Warren Wall Street cash or Elizabeth Warren: Hillary's choice Wall Street has an unambiguous message for Hillary Clinton: Don't pick Elizabeth Warren as your vice president if you want to keep getting our money. That warning came through very clearly in over a dozen interviews I did over the last week with some of the largest Democratic donors on Wall Street who have helped fund Clinton's campaigns over the years as well as funneled cash to Bill Clinton's political career in the 1990s. "If Clinton picked Warren, her whole base on Wall Street would leave her," one top Democratic donor who has helped raise millions for Clinton told me. "They would literally just say, 'We have no qualms with you moving left, we understand all the things you've had to do because of Bernie Sanders, but if you are going there with Warren, we just can't trust you, you've killed it.'"... http://www.cnbc.com/2016/06/20/wall-street-cash-or-elizabeth-warren-hillarys-choice.html
"...This November, every republican in congress that said no - THE AMERICAN PEOPLE ARE COMING FOR YOU" - EW
The darling of the progressives talks financial reform (oh, and the Wonder Twins). The following is a condensed and edited interview with Elizabeth Warren, U.S. senator, Massachusetts. Is there some part of you that’s thrilled Donald Trump is calling to reimpose the Glass-Steagall Act and force a split between commercial and investment banks? I am delighted to see people of all political views engage on the Glass-Steagall issue. I think most Americans get this one: that there’s plain old basic banking, checking, savings accounts, and then there’s more speculative, high-risk banking. And those two should not be joined together. That’s what Glass-Steagall is principally about, and that’s why I think we’re seeing so much support for it all around the country. Are you surprised Trump is pushing it? He doesn’t strike me as someone who’s given deep thought to financial reform. I’m not sure Donald Trump gives deep thought to much of anything. But on financial reform, it’s really hard to miss the Glass-Steagall issue. I get up and talk to people who are not very politically connected, and I say “Glass-Steagall” and get a big cheer. I think that because it’s not a distant, technical issue, it’s something that people can feel and understand. Featured in Bloomberg Businessweek, August 8-21, 2016. Subscribe now. Photographer: Jonno Rattman for Bloomberg Businessweek Finance serves two functions: basic banking, moving around your money through checking accounts. And that needs to be rock-solid pure. That’s why banks get a monopoly to do that and why there’s FDIC insurance. In effect, banks get to do that in return for modest but steady profits. This whole business around using some of those funds, backstopped by an FDIC guarantee, to get out there and engage in speculative financial transactions seems fundamentally wrong to most people. I think that’s why it’s an idea whose time has come again. John McCain and I have submitted a Glass-Steagall bill... http://www.bloomberg.com/features/2016-elizabeth-warren-interview-issue/