
The Banks Strike Back - stilist
https://www.banksimple.net/blog/2010/07/21/banks-strike-back/
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nickpinkston
Same story: The government and the banks work together to make feel-good
legislation that allows the status quo to continue on. Private groups like
BankSimple and Move Your Money are the quickest route to meaningful financial
reforms. We can see that we live in a very corporatist state that isn't going
to fix itself soon.

<http://moveyourmoney.info/>

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jbooth
This is a bill out of congress, it's not "the government", it's 535
congressmen, with assorted aides and lobbyists.

Right or wrong, the Republicans decided they were going to vote en masse
against anything the democrats want to do regarding.. anything. This means
that the democrats need to get 100% of the votes from within their caucus and
allows a couple corrupt senators to ruin the whole process.

If we had 100 senators trying to solve problems, we'd be able to get 60
reasonable people to agree on something. When you start with 60 and need every
last one, you're gonna have some stinker clauses in there.

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nickpinkston
You're talking about a technicality. Yes, it's not in the executive branch for
sure - it's just through the initial part of the legislature. However, if you
think both sides (R's & D's) haven't been extremely influenced you're living
in a partisan fantasy.

Democrats love to talk populism while taking contributions from big everything
(biz, banks, unions, special interests, etc). The Republicans do the same shit
- they just talk populism seasoned with pro-business themes.

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jbooth
No, I'm talking about a clear-cut fact.

All the standard-issue corruption aside, the current Republican party has made
it their official policy to gum up congress completely, hoping that come
election-time, they can point to a lack of progress and regain control of the
House. It's clear as day. It might even be a good move, from a game theory
perspective. Not so much from a "honor the oath you swore when you took
office" perspective.

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thwarted
Chromium has a red jollyroger for the certificate warning for
www.banksimple.net, but firefox doesn't indicate an issue with the cert.
Examining the cert's fields, I'm not sure what is causing Chromium to indicate
it like that, especially since it says the certificate is verified/valid.

~~~
wwortiz
It is because it is the first time you have visited the site, you can click
the crossbones to see what the warnings are, not exactly user friendly though.

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thwarted
That actually makes sense... now to find out what makes it think it's after my
first visit. A non-crashing browser means I leave it running for days at a
time.

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tszming
>> Connection Partially Encrypted.

>> Parts of the page you are viewing were not encrypted before being
transmitted over the Internet.

I won't trust a bank with this error.

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jorgeortiz85
It's their blog page, not their money transfer page.

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tszming
I agree, but sense of security is also important.

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shamir_k
I also wrote a post on the impact of regulation on banking wages in my
personal blog. <http://bit.ly/8Zfh6h>

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ck2
The bill is regulation theater. Two key points from the article:

    
    
       Fannie Mae and Freddie Mac are completely ignored. 
       Still tax-payer owned and funded, they continue to be 
       huge time-bombs on the government’s balance-sheet.
    
       The bill does nothing to make banks hold more capital.

~~~
anamax
> The bill does nothing to make banks hold more capital.

The bill also says that certain banks will be bailed out. As a result, they
will have lower cost of borrowing.

Govt guarantees for financial institutions - what could possibly go wrong....
(And, no, the guarantees are not for depositors.)

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wmeredith
I couldn't even read that article because of the multiple font sizes and line
spacing issues. (I'm on iOS4, Mobile Safari)

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thwarted
Aren't those are headings and block quotes? I didn't check, but the line
spacing looks the same throughout of the body of the actual post.

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michaelfairley
What exactly is the "shadow banking industry" that the article mentions?

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pdx
[http://money.cnn.com/2007/11/27/news/newsmakers/gross_bankin...](http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/)

    
    
        My Pimco colleague Paul McCulley has labeled it the 
        "shadow banking system" because it has lain hidden for 
        years, untouched by regulation, yet free to magically and 
        mystically create and then package subprime loans into a 
        host of three-letter conduits that only Wall Street 
        wizards could explain.

