Reform Ramrod! If you can believe this, they are planning on voting on Dodd's bill at 5pm EST. Attached is Dodd's manager's amendment. So, this is being introduced, no time to read it and they are going to vote this bill out of committee, now.
This is bad, we know the bill already has gapping holes on derivatives, which are labeled the swiss cheese derivative reform. Yet there is no time to read this latest amendment, and clearly the bill is just being ramrodded out of committee with no debate.
While of course Republicans are out to make it much worse, even Tim Geithner (of all people), thinks this bill is ineffective and is demanding real financial reform instead of a watered down bill:
Timothy Geithner, the US Treasury Secretary, warned Capitol Hill not to water down the President’s reforms. In a speech in Washington, Mr Geithner said: “The test we face is whether we enact real reforms that provide strong protection for consumers, strong constraints on risk-taking by large institutions and strong tools to protect the economy and taxpayers from future crises. We will not accept a Bill that does not meet that test.”
Folks, I do believe the Consumer Financial Protection Agency is becoming a ruse.
Now, while I am all for an independent CFPA (Consumer Financial Protection Agency), I do believe we're being set up to get all of the focus on that war, instead of the real one, which should be derviatives regulation.
Have you noticed this? We're being set up. Pretty much the only thing that makes the news is the battle over the CFPA, all the while the real big kahuna, the thing which puts the entire globe including sovereign nations at risk....is derivatives.
Now we're getting reform ramrod and a most notorious activity is to introduce a "managers amendment", at the last minute, which no one can read and digest (due often to legalize referencing other clauses in other bills) in time to stop it.
Update: Dodd's Financial Reform passed out of committee in 21 minutes. The only hope is some serious modifications and amendments to completely change it on the Senate Floor.
Subject Meta:
Forum Categories:
| Attachment | Size |
|---|---|
 Dodd_Manageradm_financialreform032210.pdf | 165.31 KB |
Note, this is not Passed, just out of committee
That said, if it's not seriously changed on the Senate floor we are seriously screwed. I also am parsing through the manager's amendment and as expected, there are hundreds of references to other bills, so tracing out what changed what, unless we can find a financial legislative analysis speed reader, I doubt anyone will find the changes in time.
Come on, you thought real reform was in the cards?
Financial oligarchy owns Washington. Derivatives reform and braking up TBTF was never going to happen with current line up in Washington. But the fight is not over - maybe it will take another financial crisis to realize the error of our ways. It will happen again because nothing in the legislation stops the causes of the crisis.
RebelCapitalist.com - Financial Information for the Rest of Us.
RebelCapitalist.com - Financial Information for the Rest of Us.
Just because the murderous hordes are at the gates
Doesn't mean we just lay down, at least this is the reason EP exists in a large part. A place to scream bloody murder and scream loudly on this one everyone should!
But in terms of the Banksters not only owning this government, I suspect they own the world....
Magically believing they would be interested in saving the global or U.S. economy, in spite the fact they will go down themselves on the next Economic Armageddon....no, I didn't expect it.
These guys remind me of addicts. Get their junk at all costs, even when it means their own demise.
They are doing what a capitalist system allows
which is to take excessive risk. Capitalism is inherently unstable because of that. Regulation is suppose to make it relatively stable. It is no surprise that de-regulation or no regulation led to various crises in our history. How easily we forget the Great Depression and S&L crisis?
American capitalism is even worse because it allows for excessive risk but then bails out the risk takers instead of the victims of the risk takers.
RebelCapitalist.com - Financial Information for the Rest of Us.
RebelCapitalist.com - Financial Information for the Rest of Us.
Bernanke' Insistence on Controlling Bank Regulation is Hilarious
He already has kept control of the banks that own the Fed now he is making his play for keeping control of the rest by saying that without that control the Fed will not have enough of a view of the market to foresee problems.
Sure just like they 'saw' the problems in 2008?
History is being rewritten at break neck speed these days.
Frank has already said any bill that puts some new entity under Federal Reserve control is dead on arrival there.
Derivatives should be regulated as an insurance rather than a financial instrument. No talk of strict federal insurance regulation either despite $185 billion doled out to AIG and aid to a few more big insurance companies also.
All this is an after thought to appease the ignorant masses.