Banking and Insurance regulation???

Discussion in 'Congress' started by RodISHI, Apr 19, 2009.

  1. RodISHI
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    RodISHI Gold Member

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    What would you ask your elected representative to do in the way of regulating the insurance and banking industries?

    Suggestions anyone?
     
  2. Bullypulpit
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    Bullypulpit Senior Member

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    Re-instating the provisions of The Banking Act of 1933, also known as the Glass-Steagall Act, gutted by the Gramm-Leach-Bliley Act of 1999, for starters. Ban derivatives for dessert.
     
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  3. RodISHI
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    RodISHI Gold Member

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    I agree. I'm wondering why congress has not at least gotten this part done yet?
     
  4. DamnYankee
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    DamnYankee No Neg Policy

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    Probably because, for all their talk of "representing", they do very little of it. Actually, I've worn out my email server with letters to my "reps", to no avail -- regardless of the issue. Either I'm severely outnumbered, or they just don't give a damn about what their constituents think. In fact, only one (Congressman Rothman) even takes the time to respond.

    I agree with the previously stated, BTW. Where the "talk" comes in is doing something about the lobbies and SIGs that were a significant contributor to the problem (lack of regulation) -- rather than continuing to look the other way. How many times have we heard it? How many more times will we hear it but fail to see action? Not only from Congress, but from the new President who promised a new way of doing business in Washington?


    Wall Street Watch

    Obama also promised "adult leadership". Instead of leading the masses around like the Pied Piper, with empty promises meant to fill empty heads, a leader of Congress would be appropriate.
     
  5. Annie
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    Annie Diamond Member

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    Stop with the bailouts.
     
  6. Annie
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    Annie Diamond Member

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    Hey, Senator Durbin responded by thanking me for supporting him and Obama, though I didn't and made that clear.
     
  7. Toro
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    Toro Diamond Member

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    - Require that all liabilities be reported on the balance sheet
    - Require a high amount of equity capitalization
    - Require CDS to be traded on an exchange
    - Require adequate reserves for all over the counter derivatives
    - Force the divestiture of the mega financial institutions. No institution should be too big to fail.
    - Require all hedge funds to be registered
     
  8. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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    Is there a reason we don't borrow a bit of cabbage from the Chinese and open up our own credit union?

    Considering what oversees it, Social Security is a pretty efficiently run insurance company... Why not expand it into property insurance? Nothing exotic - leave that for private risk... just real property.

    The People are the source of funds for property disasters large and small anyway - we might as well profit from it instead of buying insurance executives Mercedes automobiles and letting them quit covering property in high risk areas when they feel the risk or exposure is getting too high.

    -Joe
     
    Last edited: Apr 28, 2009
  9. RodISHI
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    RodISHI Gold Member

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    IMO they don't actually read the letters. They just send out form letters to show your voice really means nothing to them.

    When we wrote letters we recieved a response that told us what a good job they were doing concerning something that we were vehemently opposed to. They don't listen, they don't think, but they sure as hell all think that they are irreplaceble and untouchable and very much unaccountable.
     
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  10. RodISHI
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    RodISHI Gold Member

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    If I had the ability to go to Washington and lobby for the Glass Steagal Act to be reinstated I'd be there.

    There is no end in sight for the monster growing eeven bigger and more powerful.

    Insurance and banking should never be able to combine into such a hugh monopoly that it has the ability to the control industry. Now along with controlling the money and the insurance industry they are going after control of the construction industry. If a small contractor has to depend on surety bonds being written by these guys they can kiss having a fair and equal chance out the window. This is not a level playing field!

    If congress won't put stop to this soon you can kiss freedom goodbye people.


     

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