A Stable Foundation: Banking for the People!

[Southern Senator North Carolina Yankee]

Hard Working Atlasians.


It has been eight months since the legislative reset and that means it has been eight months since we inherited the RL banking regulations. Now this is bad for two reasons. One, we still have banks that thing they can do anything. I am not sure if I made myself clear on that one, but anything at all. Lyin, cheatin, stealin and yes that is just the tip of the ice berg. Secondly, we have made it impossible for people who should be able to get credit to get credit.

Now fortunately we have solutions for this problem. We need simpler, but stricter regulations. We need fewer undefined regulations set by agencies and more hard and fast rules. We do need liquidity requirements and we do need to reinstate a 21st century version of Glass-Steagall.

That being said, we also need to be mindful of community lending and the ability of companies to get credit so that they can invest, hire more workers and expand. Therefore it is essential to simplify where possible so that the small banks aren't squeezed out by compliance costs. It would also be appropriate to create lines of credit to assist small business to hire people and expand.

I realize some of you are not familiar with my history on this subject matter. I wrote the 2009 and 2010 financial regulations in Atlasia pre-reset. And they were so stuff, I had socialists telling me I went too far. So I don't need anyone to tell me about getting tough on Wall Street, I walked the walked already.

What we need now is a stable foundations, rules that actually will product us from crashes causing systemic risk and most important rules that mean NO MORE DAMN BAILOUTS!!! If we do it right, the situation will never arise and that is what we should strive for. Because when the system has built itself up on a hill of sand and it all comes tumbling down, there is no way to avoid a bailout backed into that corner without literally ruining people who did nothing wrong.

Frankly, I find it immoral to work your whole life, building a business and because some idiots in New York thought it would be fun to play roulette with your life's work, you lose it all. There is no market in that, there is no free choice in that. I call that robbery.

I am all for markets and all for simple and minimal regulations where practical. But when it comes to the banks, you need rules because banks are the economic interchanges where everything can come crashing down if things go badly. It is not place to play games, it is a place where stability and common sense are necessary.

So if I am elected, I will introduce legislation reinstating Glass-Steagall and replacing Dodd Frank with a set of stricter but simpler rules that reign in Wall Street, while empowering main street. In the past eight years, the opposite has happened, main street has withered on the vine while Wall Street is back to playing black jack with your life's work.

It is time we preserve and empower the free market on main street. It is time we fight to preserve a free market for the people.

If you want a People's Representative, who will make this happen, come out this weekend and make your voices heard.