Intel Report: Warren Skewers Mnuchin for Doublespeak on Breaking Up Banks

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“You are saying that you are in favor of Glass-Steagall, which breaks apart the two arms of banking, except you don’t want to break apart the two arms. This is like something straight out of George Orwell.”

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Lauren McCauley, Our Future: Warren Skewers Mnuchin for Doublespeak on Breaking Up Banks

“Let me get this straight, you are saying that you are in favor of Glass-Steagall, which breaks apart the two arms of banking… except you don’t want to break apart the two arms,” Warren continued. “This is like something straight out of George Orwell.” CONTINUE READING


David Dayen, The Intercept: Steven Mnuchin Goes Through the Looking Glass-Steagall in Strange Exchange with Elizabeth Warren

The Massachusetts senator pointed out that “The president and this administration have repeatedly said that they support a 21st century Glass-Steagall.” Indeed, Mnuchin said these words in his confirmation hearings. National Economic Director Gary Cohn has said the same. And the 2016 Republican Party platform adds explicitly, “We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.” As Warren said to Mnuchin, “Now you’ve just said the opposite.” CONTINUE READING


Moe Tkacik, In These Times: When the Bankers Took Manhattan: Austerity’s New York Roots

Friedman outlined the tenets of what he termed the “shock treatment” required to undo the damage wrought by decades of democratic socialism: an immediate 25 percent cut via “across the board” layoffs because “any attempt to be selective is likely to be defeated.” CONTINUE READING

Photo: Wikimedia Commons CC 3.0

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