More Elizabeth Warren

First, I want to thank the people of Massachusetts for electing Elizabeth Warren to represent them in the U. S. Senate.   She is going to be a major force for progressive legislation and regulation.

After Attorney General Eric Holder told the Banking Committee this week that it's difficult for the DoJ to prosecute the big banks because of the risk of what it would do to the economy.   Here's what Sen. Warren wrote about that:

This is wrong -- just plain wrong. We are a country that believes in equal justice under the law -- not special deals for the big guys. And that's not all the special deals that the big banks get.

According to recent calculations by Bloomberg, the top ten biggest banks receive an $83 billion subsidy every year in the form of lower borrowing costs -- something not available to your community bank or credit union.

To put things in perspective -- that $83 billion subsidy is about the same amount of money being fought over in the sequestration.

So why are we still debating this issue at all? . . .  We know we can take on the big banks and their army of lobbyists and win because we've done it before.

When banks are too big to fail, too big to jail, too big for trial, too big to manage, too big to regulate, too big to shrink, and too big to reform... they are just too big.

We're just getting started here.

Now that's the kind of thinking we need in Congress.

Ralph