The Dems. well at least most of them, are working hard to try and find a way to control the financial markets so these thieving a/holes cannot bring down another booming economy by their insatiable need for profits and not just profits but rather obscene profits…..
You would imagine that the Repubs would do all they could to protect the Wall Street thieves from any such controls…..and they are….but their is another……
New Democrats! That alliance of centrists democrats……
Bloomberg is reporting on the new financial regulations battle:
“New Dems have promoted strong regulatory reform that institutes trade and price reporting, capital requirements, and margin requirements, all of which puts mandates on these institutions that they don’t like,” Lipman said. “New Dems have been focused on increasing transparency, reducing systemic risk, and preserving the ability for end-users to hedge their risk.”
The battle over derivatives legislation is a test for the Obama administration’s efforts to tighten financial regulation to prevent a repeat of the financial crisis that shook the global economy — a crisis exacerbated by derivatives trading.
Derivatives dealers became concerned that Obama’s plan didn’t adequately define “alternative swap execution facility” and that, in the end, regulators would write rules making them similar to exchanges, people familiar with the lobbying effort said. Over the last two months, the banks pressed to have Frank’s draft allow standardized trades to be executed privately via telephone, as they’ve been traded for decades, as long as they are reported to regulators, the people said.
The coalition sent Congress a letter on Oct. 2 saying that some reform proposals “place an extraordinary burden on end- users of derivatives.” Members also met this week with lawmakers and staff on Capitol Hill.
In the end-users coalition, broker-dealers found a powerful ally. Although the two groups say they didn’t coordinate their lobbying, their interests overlapped and many of the concessions won in the bill for end-users ended up benefiting some of the biggest Wall Street banks whose credit-default swaps exacerbated the financial crisis.
The New Democrats came to the forefront after the crushing defeat of Dems by Reagan and his machine….they decide that they would become a center for the party to rally around….it was these cowards that gave us the NAFTA debacle that help send all those jobs running to the overseas markets ….and now they want to protect the scoundrels that caused the meltdown of the US and world economies…..the truly sad part is that the people while angry at the Wall Street antics will turn a blind eye to the games being played by the big wheels……
You can almost bet that the highwaymen will find a way to help themselves to the benefits coming from Washington and in return will have their guarantee that if they screw up again, the American taxpayer will be glad to help them out of their plight……if this is the way of the future then the Dems are NO better than the Repubs….FINANCIAL COWARDS!
A side note: Since the taxpayer made Goldman-Sachs more stable should not they get the benefits of the profits that were made on their money? Why not demand that this company and any company that took TARP money use their profits not for bonuses but rather mail a check to each tax payer in the system…….you want demand to be created…that would do it……..Just a thought……
