Suddenly, Everyone Is Talking About Breaking Up the Big Banks

Geithner Grilled on Too Big to Fail Banks

After Sandy Weill said we should break up the big banks, congressmen and reporters are suddenly waking up from their stupor to ask tough questions.

For example, a reporter on CNBC asked Geithner about Weill’s statement:

And as Business Insider notes, congress members from both parties grilled Geithner on breaking up the banks:

Congressmen on The Hill questioning Tim Geithner had a new song to sing — ‘let’s take a look at Glass-Steagall’, a law repealed during the Clinton Administration that separated investment banking from retail banking.

The crazy thing is, this song was coming from both sides of the aisle.

Representative Carolyn Maloney (D-NY) mentioned Weill’s comment in her opening statement to Geithner and that got the ball rolling. She said that his words were “absolutely huge,” and asked Geithner to write a report on how 2008 could have been prevented had Glass-Steagall been enacted at the time.

After that, member after member picked up the torch.

Representative Walter Jones (R-NC) said that he regretted two votes during his time as a Congressman — the Iraq War and repealing Glass-Steagall. “Isn’t it time to have a discussion and debate about reinstating Glass-Steagall,” he asked.

Michael Capuano (D-MA), a fiery member of this committee to be sure, said “funny how people who voted to repeal Glass-Steagall are now complaining that banks are too big.”

Again on the Republican side, New Mexico’s Steve Pearce started his questioning of Geithner by saying that he wanted to add his voice to Maloney’s when it came to getting a report on how Glass-Steagall would’ve made things different in 2008. He then asked Geithner, “why should the people of New Mexico trust you or your policies?”

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  • http://www.infowars.com Anon

    Audit the Fed Passes the House! 327(Y)-98(N)
    http://www.campaignforliberty.org/profile/7788/blog/2012/07/25/audit-fed-passes-0

    THIS FIGHT ISN’T OVER YET, FOLKS! MOMENTUM. WE HAVE IT NOW. LET’S USE IT, TO THE FULLEST EXTENT!

    CONTACT Sen. Harry Reid on H.R. 459′s Passage (327-98) – TODAY!

    I did! Here is the text of my message:

    “I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE ‘FED’ passed! I was also just informed, that ‘Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.’ And, to ‘Please contact his office today and tell him to support AUDIT THE ‘FED’ and allow for a Senate vote!’

    327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? You may wish to think about this question when it comes time for your re-election”

    CONTACT SEN. HARRY REID TODAY! LET’S FLOOD HIS EMAIL ON THIS ISSUE!
    (Feel free to Copy and Paste the message above, if you wish)
    http://www.reid.senate.gov/contact/index.cfm

  • Bill

    Huh?

 

 

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