While We Were AsleepPosted: 17 November 2011
The other day while most of America was sleeping from another of trying to earn a living….the police departments in several cities were attacking the Occupy movement to evict the people that were protesting…..we all, at least those of us that were interested, have seen all the vids and photos of what happened on that early morning raids……but while we were asleep and police were doing the dirty work of the government…..another issue was playing out under the radar thanks to the raids…..
Have I peaked your curiosity?
Congress is the culprit I speak of and here is what they are attempting to do……
We Love Bailouts Bill: HR 1838 (Stivers) would repeal a section of the Dodd-Frank Act that prohibits the Federal Government from bailing out big Wall Street derivatives dealers. What are they thinking? With Merrill Lynch right now attempting to transfer a total of $75 trillion in derivatives bets from its investment arm into Bank of America, its FDIC-insured parent company, why is the GOP eager to facilitate the next giant taxpayer bailout?
Dark Markets are Good for You Bill: HR 2586 (Garrett) would allow big Wall Street derivatives dealers to continue opaque bilateral trading and allow them to avoid price transparency required by the Dodd-Frank bill. Off-book gambling in the derivatives market was a key cause of the 2008 financial crisis, and Dodd-Frank made huge steps forward, requiring the vast majority of derivatives to be traded in open forums where everyone could see what is going on in this $600 trillion dollar market. Similarly, HR 2779 (Stivers) would exempt all transactions between related affiliates from derivatives regulations, creating less, not more, transparency.
Swap Till You Drop Bill for Pension Funds: HR 3045 (Canseco) would permit swaps dealers to get a blanket exemption from any duty to respect the best interests of pension funds when giving any advice on a swaps deal. Just last week, we saw the largest municipal bankruptcy in United States history, in Jefferson County, Alabama, which was caused when JP Morgan Chase bribed local officials into entering a swaps deal to refinance a sewage district.
Go Back to Sleep SEC Bill: HR 2308 (Garrett) would create a series of new hurdles for the Securities Exchange Commission (SEC) to jump before the institution can pass a new rule or regulation. SEC is not my favorite regulator and their fines on the big Wall Street banks have not been commensurate with the crimes, but compared to the U.S. Justice Department, SEC regulators have been veritable energizer bunnies, extracting billions in concessions.
AS promised, the Repubs are trying to gut the Frank-Dodd Financial Reform Act…….and as usual they are doing the dirty work for those they really work for….Wall Street and the Banks…….
People! The time has come for us to demand more from our government…….and these moves are no where in the best interests of the average American……speaks volumes on who really runs this government and YOU allowed it to happen…..