This So-Called "Banking Reform" Bill

This So-Called "Banking Reform" Bill

Nearly two years after the American financial system teetered on the edge of a great Republican depression, Congressional lawmakers have come to an agreement early Friday morning to reconcile competing versions of the the bill in the biggest overhaul of financial regulations since the last Republican Great Depression. Big banks won big in this, as they can continue investing a significant amount of equity in hedge funds. The banks lost when it comes to speculative trades with their capital, although there are some loopholes that may turn into truck routes. The bottom line seems that, much like the so-called health insurance reform, there are a few really good bones in here thrown to consumers but the power, wealth, and monopoly of the big banks that, as Senator Byron Dorgan said of the US Senate, "They own this place," continue to own the Senate as well as you and me. There are no efforts whatsoever in the bill to do the single most important thing necessary to return competition to banking and prevent another economic collapse - that being breaking up the too-big-to-fail banking institutions and require banks to just be banks instead of bank/casino hybrids. Just like the so-called "health insurance reform" will actually give more power and money to the dozen or so monopoly US for-profit health insurance blood sucking leeches...er...corporations and their CEOs, this so-called "banking reform" bill will give more power and money to the half-dozen largest and monopolistic US banks and keep the billion-dollar bonus paydays coming to their CEOs and senior executives and traders.

Comments

river61's picture
river61 4 years 48 weeks ago
#1

Costa Rica looks like a progressive paradise, until you examine their attitudes and laws regarding lgbt people. A very Catholic country with very traditional Catholic values.

Paul Novak's picture
Paul Novak 4 years 48 weeks ago
#2

It is truly amazing that with all the concern and scrutiny, they were able to avoid directly addressing fixing the causes and instead offer useless "reforms" that leave the door wide open to continued abuses.

Glass-Steagall should have been dusted off, revised for modern practices, and put back in place. The results would have been immediate and pronounced. Instead we get promises to "regulate" and "oversee".

We are in for one rough decade.

Nutz's picture
Nutz 4 years 48 weeks ago
#3

One tough decade indeed, Paul. "Reform" implies much that the Fed is not qualified to offer, based strictly on past experience.

The Fed implies often our blanket acceptance of its bills, but what is the most frightening is that - without knowledge of the public, and with disregard to our wishes - it, the Fed, passes bills all the time without yours or my acceptance, acknowledgement, or judgment.

jim1981's picture
jim1981 4 years 47 weeks ago
#4

It is a process ---

This bill is a step in the right direction. Many more are needed but this modest effort will have an impact on earning and leverage trading which drives most of the profits of these institutions.

Nobody is going to sail through this new economic cycle without pain -- on deck next are the poor millionaires who think they have dodge the bullet and are diving in with so called "inside information" to by cheap.

Smile - In a deflationary economy nobody really knows what cheap is as prices continues to slide each week, month, and year. - - Keep your eye on the velocity of money in circulation.

Jim

How much did "fast track" cost the corporate elite?

It cost corporations less than $18,000 bucks per vote to get “fast track” passed in the United States Senate.

According to a recent analysis by The Guardian Newspaper, corporate members of the US Business Coalition for TPP donated more than $1.1 million dollars to Senate campaigns in the first quarter of 2015. The average Democrat received about $9,700 dollars and the average Republican raked in almost $20,000.

From Unequal Protection, 2nd Edition:
"Beneath the success and rise of American enterprise is an untold history that is antithetical to every value Americans hold dear. This is a seminal work, a godsend really, a clear message to every citizen about the need to reform our country, laws, and companies."
Paul Hawken, coauthor of Natural Capitalism and author of The Ecology of Commerce
From Cracking the Code:
"In Cracking the Code, Thom Hartmann, America’s most popular, informed, and articulate progressive talk show host and political analyst, tells us what makes humans vulnerable to unscrupulous propagandists and what we can do about it. It is essential reading for all Americans who are fed up with right-wing extremists manipulating our minds and politics to promote agendas contrary to our core values and interests."
David C. Korten, author of The Great Turning: From Empire to Earth Community and When Corporations Rule the World and board chair of YES! magazine
From Cracking the Code:
"Thom Hartmann ought to be bronzed. His new book sets off from the same high plane as the last and offers explicit tools and how-to advice that will allow you to see, hear, and feel propaganda when it's directed at you and use the same techniques to refute it. His book would make a deaf-mute a better communicator. I want him on my reading table every day, and if you try one of his books, so will you."
Peter Coyote, actor and author of Sleeping Where I Fall