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 31 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 31 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 31 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 30 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

Who will be this Generation’s Thomas Jefferson?

We could be looking at the end of the American experiment, and it has gone so far that it'll take a political revolution to set things right again.

From Screwed:
"Thom Hartmann’s book explains in simple language and with concrete research the details of the Neo-con’s war against the American middle class. It proves what many have intuited and serves to remind us that without a healthy, employed, and vital middle class, America is no more than the richest Third World country on the planet."
Peter Coyote, Actor and author of Sleeping Where I Fall
From Screwed:
"I think many of us recognize that for all but the wealthiest, life in America is getting increasingly hard. Screwed explores why, showing how this is no accidental process, but rather the product of conscious political choices, choices we can change with enough courage and commitment. Like all of Thom’s great work, it helps show us the way forward."
Paul Loeb, author of Soul of a Citizen and The Impossible Will Take a Little While
From Screwed:
"If we are going to live in a Democracy, we need to have a healthy middle class. Thom Hartmann shows us how the ‘cons’ have wronged this country, and tells us what needs to be done to reclaim what it is to be American."
Eric Utne, Founder, Utne magazine