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The House passes a bill that will try to stop meltdowns like we just experienced from happening again. In another truly partisan action, Republican votes - 0, the House is trying to move us forward.
i think that some of the objection is to a delay in auditing the fed and the fact that the new bill gave small public banks and corporations many exemptions from a substantial share of the new regulations.
as long as the government hands out "favors", we have no real winners.
The House passes a bill that will try to stop meltdowns like we just experienced from happening again. In another truly partisan action, Republican votes - 0, the House is trying to move us forward.
They didn't do much for derivatives. Dog and pony show.
Go read the bill. More fluff than actual meat.
I think you are right,even Ron Paul who had the audit the FR amendment attached to the bill voted no.The bill is all show to make it look like they done something,but in reality when they need tax payers to bail them out we will still be there.
Don't even get me started on the financial reform bill. Oh, I'll have commentary on it - but my first read is that the lobbyists have once again done it to us, cold, dry and hard. The most-blatant example that I found with about 30 seconds of skimming are subtle changes in the so-called derivatives "regulation" section that allows a person to be an alternative "exchange." That's right. That would include an artificial person (e.g. Corporation) since it doesn't say otherwise, which means that our dear old big banksters (represented in their lobbying by "Do-we Cheatem and How") have managed to actually remove what little regulation currently exists - while claiming to be for "strong and sound regulation of derivatives."
That's right - this "bill" will actually weaken financial supervision of the most dangerous part of the markets, and therefore increase, not decrease, systemic risk. (karl denninger)
also from BNET:
stories in today’s Wall Street Journal should, at the very least, arouse the public’s ire. The Journal reports that buried in a 239-page amendment to the U.S. House of Representatives‘ financial regulatory bill is a provision exempting military insurer USAA from the bill’s stricter provisions.
Assisting our military personnel is of the highest priority, but loosening the regulations for its insurer is another. The amendment doesn’t refer to any company by name, but mentions an “industrial bank that provides services to the military,” and USAA is the only one that fits, the Journal opines. To be fair, there are other exemptions in the bill for big corporations such as General Electric Co. and Pitney Bowes Inc., which presumably also have expensive and competent white-shoe lobbyists on the Capitol floor.
Last edited by floridasandy; 12-13-2009 at 02:06 PM..
The House passes a bill that will try to stop meltdowns like we just experienced from happening again. In another truly partisan action, Republican votes - 0, the House is trying to move us forward.
Once the fed is discovered for what it really is, nothing what so ever will or can be done about it.
The only way anything can be done, is if congress and the Prez vote to dissolve it.
If you read something is hidden in the bill that gives them power to steal away something from someone to pay for their huge debt problems.
Can you just copy and paste the part of the bill you are referring to and we can talk about it?
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