Thursday, April 22, 2010

End Too Big to Fail

From Simon Johnson.
Call your Senator, call Senator Harry Reid (Senate majority leader), and call the White House. Tell them that you support the Brown-Kaufman SAFE banking act (unveiled yesterday) – as an amendment that would greatly strengthen the Dodd bill by capping the size and leverage of our biggest banks. Politely ask the people who answer the phone to make certain that this amendment gets an “up or down vote” in the Senate.

The Brown-Kaufman act is our best near-term chance to reduce the size of Wall Street megabanks that are too big to fail and that threaten our economy. (If you don’t understand why this is important, read 13 Bankers; quickly – this could all be over by this time next week.)

Tell everyone you know why this makes sense and ask them to make the call also. These calls will determine the outcome. If the Democratic leadership understands the groundswell of support for breaking up big banks, the Brown-Kaufman proposal has a chance to come to the floor – and who exactly on the Republican side would like to be on the record as opposing it?"
I attended Simon Johnson's talk when he was in LA last week. He was clear about what was needed to be done. Here's a description and some pictures from the talk, including a link to the video.

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