Wall Street is Broken

New piece out today about Elizabeth Warren citing a speech she made yesterday. Everyone should be paying attention. She is one of the few in DC who is both willing and able to take these guys on head-to-head. Short excerpt here but a worthy read.

U.S. Senator Elizabeth Warren delivered a speech warning her Congressional colleagues in strident tones that Wall Street is now more dangerous than it was five years ago when it crashed. Warren, again, called for the restoration of the Glass-Steagall Act to prevent another financial calamity.

Gallup released a poll showing the approval rating of Congress had fallen to nine percent, the lowest reading in the 39 years the firm has been asking the question.

A Quinnipiac University poll reported President Obama’s popularity has fallen to the lowest point of his presidency, with a majority of Americans, 54 percent, now disapproving of his performance.

And, finally, Americans for Financial Reform together with the Roosevelt Institute issued a 126-page report in conjunction with the speech by Senator Warren, outlining their own dire predictions for financial stability under the current Wall Street structure. Eleven separate scholars contributed to the study, including Jennifer S. Taub, an Associate Professor at Vermont Law School. One might anticipate what Taub had to say from the title of her upcoming book, Other People’s Houses: How Decades of Bailouts, Captive Regulators, and Toxic Bankers Made Home Mortgages a Thrilling Business – available from Yale Press in 2014.

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