Regionals lobbied for S. 2155. Now, it’s literally threatening to kill them.
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Bartlett Naylor
@bartnaylor
Financial Policy Advocate, Public Citizen.
Views expressed do not necessarily reflect those of Public Citizen
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Joined March 2011Bartlett Naylor’s Tweets
Dr Johnson on SVB:
We’re cleaning up for interest rates that we’re too low for too long
We can count on Jordan—he was in charge of DEI for the KKK.
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Republicans in Congress are making baseless claims of First Amendment violations while Republicans in TN are literally expelling officials who exercised their 1st Am rights.
I assume the next @weaponization hearing will be on TN’s violation of the 1st Am, right @Jim_Jordan?
On a recent civil rights tour, I stopped in the Tennessee statehouse. Maybe will think it’s my fault
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Geithner/Summers channeled WS lobbyists. The real damage was not making key rules self-effectuating. Then lobbyists hoarded agencies during rule making. Volcker Rule emasculated. DF 956/banker pay reform never completed
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The financial sector owns DC ... its lobbyists effectively wrote the Dodd-Frank Act knowing it would have little to no impact on how the big banks conducted business ... twitter.com/financialjuice…
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We've hit rock bottom when the LDS must reign in the crazies
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Good to see the Salt Lake Tribune @sltrib call out absurd attacks on ESG in what must be the most bizarre headline they’ve ever written.
ow.ly/m0nK50Ntk1F
One man's regulatory discretion is another man's regulatory capture
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My new paper with @PeterContiBrown.
It's too good to languish in SSRN purgatory!
Risk, Discretion, and Bank Supervision @SSRN papers.ssrn.com/sol3/papers.cf
How could the SVB failure mean that the liquidity rules the US didn’t implement need a rethink?
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This #FinancialLiteracyMonth hear from
AFR’s Mark Hays speaking on the false promises of cryptocurrencies and racial equity, and how believing the hype can threaten progress toward real solutions for financial inclusion.
youtube.com/watch?v=mD0BAU
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I agree. When your cops fail, it’s fair game for the mayor to complain
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The latest in our After SVB series on where financial regulation goes from here is from @matthewstoller. It asks the unasked question: why do we have such a hands-off attitude toward the Fed when it keeps screwing up?
prospect.org/economy/2023-0
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Deep Throat was from Idaho, fyi
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Replying to @JStein_WaPo and @awprokop
Would save on cost! They have moved thousands of staff to Alabama and Idaho in recent years.
The next Maxine Waters/John Lewis/Jesse Jackson has arrived!
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Rep. Justin Jones, one of three Democrats up for expulsion for participating in a gun control protest in the Tennessee legislature, was questioned by Rep. Johnny Garrett whether his actions were disruptive.
This was Jones' response. bit.ly/3zD7Jvb
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Tennessee has significant Black population, a significant number of Democrats. Of its 11 member delegation in Washington, one is a Democrat. To achieve that takes work, each and every day, to suppress to fair representation.
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This is Justin Jones. Tennessee Republicans just voted to expel him from the House because he protested against gun violence. Young people are watching. The world is watching. Republicans are going to regret this and pay the consequences. We stand with you, Rep. Jones.
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This nation was built on peaceful protest. No elected official should lose their job simply for raising their voice – especially when they’re doing it on behalf of our children.
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My new favorite person: Justin Jones
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What's happening in Tennessee is frickin' outrageous. twitter.com/MotherJones/st…
One mid-air collision can ruin your whole day.
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I strongly suspect there are many banks that had conversations with supervisors about risk management early in the rate hikes and heeded warnings to get in front of it. If I am right about this, it is possible that 2022 was a huge success for bank supervision, not a failure /4
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Nerd stuff gave us the Internet, smart phones, and maybe now, more efficient government.
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Modernizing the regulatory review process will help improve people’s lives—whether it’s ensuring clean air and water, protecting workers, keeping kids safe, or growing the economy from the middle out and bottom up. Read more: [2/2]
whitehouse.gov/omb/briefing-r
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Jury funding Emmit Till’s murderers not guilty in 50s fired the civil rights movement
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Republicans may think they won today in Tennessee, but their fascism is only further radicalizing and awakening an earthquake of young people, both in the South and across the nation.
If you thought youth organizing was strong, just wait for what’s coming. Gen Z don’t play twitter.com/victorshi2020/…
FDIC insurance: I agree with your analysis. But what’s the answer? Leave it alone? Divide the Between individuals and business? Get rid of it?
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NEW BLOCKBUSTER: Private jet travel. Superyacht Island-hopping. Stays at a private resort.
For decades, Justice Clarence Thomas accepted luxury gifts from a billionaire.
Appears he broke the law.
@js_kaplan & @JustinElliott:
propublica.org/article/claren
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Super congrats
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News: I've accepted a tenure track Assistant Professor position with @RobinsonCollege @GeorgiaStateU starting this fall!
In law school, truly never would have thought I'd end up in academia, but here I am. What a wild ride life is!
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Is there a vaccine that can address this kind of mental dysfunction?
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FedNow is an upgrade to the Fed’s ancient payment system that transfers Commercial Bank Digital Currency. It is NOT Central Bank Digital Currency. Please stop spreading misinformation @RobertKennedyJr. Delete this post. twitter.com/robertkennedyj…
And to get $ out of politics, all we need do is hire high paid lobbyists and flood the right members of congress with donations.
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Replying to @STOmarova and @bartnaylor
Taking a step back, tightening the rules about $ in politics, making the revolving door less accessible - are victories here possible and would they make all of these initiatives more likely to succeed?
My hero does a deep dive on the subject I most love to hate. (Other than Duke)
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Robert Kuttner (@rkuttnerwrites) on the impunity of the capitalists, past and present go.nybooks.com/3KkXIZL
When a six year old contemplate his previous year, that year was 20% of his life.
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I heard something really depressing Sam Altman said a few years ago:
"Adjusted for the subjective increase in how fast time passes, life is half over by 23 or 24".
I've been thinking about more and more ways to slow it down and enjoy every moment.
Life moves quick.
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While we Cassandras were fretting about crypto, ChatGPT happened.
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Replying to @JohnReedStark
An illuminating article, but I fear the "tokens are panacea to modern financial ills" fever has taken hold of way too many young folks.
It's tragic to see "web3" startups wasting their time and energy chasing "token engineering"
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Crypto:
-A sinister plague whose only utility is a tool for criminals;
-An epic Ponzi scheme, solely reliant on the Greater Fool Theory for evolution; &
-A dire affinity fraud promising financial inclusion to the downtrodden but delivering fiscal carnage.
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CEO Pay - Reports — As You Sow
If you want THE authoritative place to track this issue.
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Sorry to break it to you
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Replying to @FDICgov
The FDIC needs to explain what will happen to stock holders in SBNY?
May I recommend nihilism, aka binge watching, all ends well on romcoms
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Replying to @bartnaylor
There’s no logical argument against this “people can always be corrupted” line. In the paper, I discuss various design choices to minimize that danger. And there may be better design options to debate. But that’s really all we can do, short of resigning ourselves to status quo.
The cure to all real life problems: netflix. (Sanditon, final season, currently.)
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Replying to @bartnaylor
There’s no logical argument against this “people can always be corrupted” line. In the paper, I discuss various design choices to minimize that danger. And there may be better design options to debate. But that’s really all we can do, short of resigning ourselves to status quo.
Why does the bank wanna file a 3 day waiting period on my $2m deposit? I need to scam right now!
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Why does nobody want this super-legit industry that is totally the future of everything. twitter.com/George_Nixon97…
On the first day of Covid lock-in, no sports on tv. I had a conversation w my spouse. Lovely person. Apparently she works in real estate.
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My wife and I recently started a monthly check-in ritual.
It’s been incredible for our relationship.
The Life Dinner:
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I admire the transitive property
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Time for Congress to dramatically shrink the Fed's role in financial markets. Start with ending its ability to pay interest on reserves. Absolutely no legitimate reason to send taxpayer money to bankers who subsequently pay it out to themselves as bonuses. Fed could raise… Show more
Are you telling me we’ve done this all before? Stupid Ecclesiastes
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Robert Hockett's Capital Futures Substack: Revenge of the Ricardians roberthockett.substack.com/p/revenge-of-t
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Former Rep. Brad Miller () is a solid hero of consumers. He gets why Republicans wanna destroy – deregulation DURING a financial crisis!
Retweet: How Republicans work for Wall Street – and how CFPB works for all of us! bit.ly/MillerCFPB
#DefendCFPB
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Buss kill
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I know there’s a lot of attachment to having thousands of banks in the US but I don’t see how we avoid a wave of consolidation in this interest-rate environment with migrations to MMMFs.
The answer to everything
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Replying to @STOmarova and @bartnaylor
Taking a step back, tightening the rules about $ in politics, making the revolving door less accessible - are victories here possible and would they make all of these initiatives more likely to succeed?
Agree. But the fewer banks we get, the fewer we can let fail, apparently. (Can you chart the failure rate v bank population?
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Bank failure is normal -- one bank failed every year in American history until 2005. That was the start of massive problems. Banks should fail without regulators bailing them out. Loved talking this w/@CNBC check it out here:
youtube.com/watch?v=Iqp3zf
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