Daily Agitator
From the VOMITORIUM
The battle has been raging now for about 4 months and all the politicians have come out and said they want the Banksters to pay for their gambling ways with the taxpayer’s money. But really just how serious are these guys and gals that get tons of cash for the re-election funds from the very people they are saying that they want to control and dial them down a peg or two?
The bill has cleared the Senate and now goes on to the House for tweaking before the final vote and the signature by the Prez…..but is it going to be the “Fix All” that the Congress wants us to believe?
We keep hearing just how much this will reform Wall Street and the gambling that has been going on for the last ten years…..to this I say….CRAP!
A proposal to regulate derivatives. The White House and its lieutenants in the House and Senate are prepared to scale back or remove a provision that would require big financial firms to spin off their derivatives trading desks. This one provision is NOT controlling the gambling on Wall Street.
And there is more that will NOT be in the new bill when it is finalized…….there will be a one time audit of the Fed and it will not be a complete audit and so far I do not see any limits on the “Too big Too fail”, there will be NO fix……
And the financial stocks should be another indicator that it is NOT a good reform bill….why? When it was passed by the House their stocks took a sharp upturn….that leads one to believe that there is NO substantive change in the way banks will do business. From the Newser website:
Despite their public protestations, behind closed doors, Wall Street executives are pretty pleased with how financial reform legislation is shaping up, sources tell the New York Times . “If you talk to anyone privately, there’s a sigh of relief,” says one investment banker. “It’ll crimp the profit pool initially by 15-20%, but there’s no breakup of any institution or onerous new taxes.” Though their least favorite provisions—like regulations on bank sizes, or caps on credit card rates—died in the Senate, there’s still plenty they don’t like in the bill, but given the magnitude of their financial crisis screw-ups, they’ve resigned themselves to some reforms. The health care bill will affect its industry “exponentially more than this legislation is going to change Wall Street,” says one investor and ex-Treasury deputy. “It’s not even close.”
If you think the the economy will be safer when the full bill is passed then you are delusional….we will face this problem again and again and ………and finally…the joke will be on you, the taxpayer…….Why? You WILL keep paying and paying and……..If justice is what you seek then you will NOT find it in this bill, as it is today……
BETTER LUCK NEXT TIME!
There is no way that America will fix this problem with complicated, highly expensive and doubtful legislation, which in the end will have been watered down and made more convoluted by lawyers so that they, the lawyers, can make even more money “finding” the loopholes they’ve already designed into the system.
Firstly, the only way to get any sort of control is to separate the different functions (as used to be much more often the case) so that a bank is a bank and nothing more. Investment houses, derivatives, etc., etc. should all be separate and NOT wholely owned subsidiaries of the banks. If bankers want to gamble without going to Vegas, let them do it with their OWN money and others who “invest” with them will automatically know they might be better off shoving quarters into a slot machine.
There was a time when a bank and its board and employees were people of integrity and jealously guarded their fine (if somewhat dull) reputation – well not any more and particularly so in America. In fact, in some ways (and no personal slight intended), I think that modern America and American attitudes ARE the problem – or a large part of it at least.
Here the banksters (bankers + gangsters) have had NO integrity since the 1930’s….and I believe you are right about the attitudes…there is a feeling that they were caught and they will NOT do it again…that is delusional…these pricks will continue to steal and gamble as long as we allow it….
You betcha!
PS: Now, I like that!
are we talking about the new theme? I had to try another…the last one was getting on my nerves….LOL
Of course – very nice, clean and interesting… Like I said, I like it!
Cool! Me too……