Because, these days, they all seem to be over 100 pages long.<\/p>\n
But , when Senator Bernie Sanders (I-VT) offered his Too Big To Fail – Too Big To Exist bill<\/a>, a bill that has a body only 27 lines long, (PDF link<\/a>) I thought that it deserved a read (after the break).<\/p>\n No big surprise though, the New York Times<\/span>, all the news that’s fit to line Tweety’s (the Warner Brothers version, not the MSNBC Version) cage, subtly casts him as your crazy old uncle<\/a>, “The bill has no co-sponsors…..Mr. Sanders, who has described himself as a socialist,” while Bloomberg actually covers it seriously<\/a>, and notes that there are a lot of people in Congress who actually support this idea.<\/p>\n This may not be as long of a long shot as it seems, since, as Barry Ritholtz notes, while the big banks love this, the regional and smaller banks would like this a lot<\/a>, since they are getting eaten alive by the bigs ability to borrow money at an interest rate that is very<\/span> near 0%, because of the support offered by the Treasury, Fed, FDIC, etc.<\/p>\n Sign His Petition<\/a><\/p>\n <\/a> A BILL<\/strong> 1 Be it enacted by the Senate and House of Representa- 2<\/p>\n 1 of all commercial banks, investment banks, hedge funds, Because, these days, they all seem to be over 100 pages long. But , when Senator Bernie Sanders (I-VT) offered his Too Big To Fail – Too Big To Exist bill, a bill that has a body only 27 lines long, (PDF link) I thought that it deserved a read (after the break). No big …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,1004,1020,985],"tags":[],"class_list":["post-190607","post","type-post","status-publish","format-standard","hentry","category-congress","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190607"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190607"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190607\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
H\/t The Baseline Scenario<\/a> for extracting the text in an HTML friendly manner
<\/a><\/p>\n
To address the concept of \u2018\u2018Too Big To Fail\u2019\u2019 with respect
to certain financial entities.<\/p>\n
<\/em>2 tives of the United States of America in Congress assembled,
<\/em>3 SECTION 1. SHORT TITLE.<\/strong>
4 This Act may be cited as the \u2018\u2018Too Big to Fail, Too
5 Big to Exist Act\u2019\u2019.
6 SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT<\/strong>
7 ARE TOO BIG TO FAIL.<\/strong>
8 Notwithstanding any other provision of law, not later
9 than 90 days after the date of enactment of this Act, the
10 Secretary of the Treasury shall submit to Congress a list<\/p>\n
2 and insurance companies that the Secretary believes are
3 too big to fail (in this Act referred to as the \u2018\u2018Too Big
4 to Fail List\u2019\u2019).
5 SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS.<\/strong>
6 Notwithstanding any other provision of law, begin-
7 ning 1 year after the date of enactment of this Act, the
8 Secretary of the Treasury shall break up entities included
9 on the Too Big To Fail List, so that their failure would
10 no longer cause a catastrophic effect on the United States
11 or global economy without a taxpayer bailout.
12 SEC. 4. DEFINITION.<\/strong>
13 For purposes of this Act, the term \u2018\u2018Too Big to Fail\u2019\u2019
14 means any entity that has grown so large that its failure
15 would have a catastrophic effect on the stability of either
16 the financial system or the United States economy without
17 substantial Government assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"