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Saturday, October 8, 2011

Speak Truth to a Bank

Hey Barry:

Well - we can make comments on the Volcker rule proposal.

My comment is this: It's too weak. Make it stronger.

It was passed as part of Dodd-Frank. I thought it was already adopted; but it seems that it is just now available for comment.

Please go to the site and tell them what you think - a chance to tell the bankers directly and exactly what you think.

Find the site here: http://cdn.americanbanker.com/media/pdfs/093011VolckerRulePreamble_FINAL_DRAFT.pdf

Then follow links to post your comment.

Go for it - don't be shy or pull punches.

The banks got us into this mess and a strong Volcker rule can help prevent another mess.

We can postpone some future crisis if we restore the Glass-Steagall law so that commercial banks can NOT buy assets. Killing this law was the single biggest mistake we have ever made as a country; now commercial banks can now speculate in the stock and commodity markets with free money from the FED. Not only does it create the mega-fortunes we see, but it also kills any effective monetary policy. Monetary policy cannot work when banks have no incentive to make low profit loans and every incentive to gamble. Further, the BMB's keep bribing Congress and regulators so the situation won't change.

The Volcker rule proposal is a weak attempt to address this. Banks will try to water it down.

Don't let them.

Your pal,

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