Roundtable: Politics of Financial Regulation

You know rather than discuss the “politics of Financial Regulation,” perhaps time would be better send talking about the aspects of the bill, breaking it down piece by piece for the American people to digest.
I mean first you all have a nice belly laugh about Mitch McConnell spewing Frank Luntz talking points, and then you had a debate on the truth to them?
McConnell is lying, and all of you knew it and yet you went forward and defended him and allowed a reporter from a newspaper that clearly favors a strong aristocracy at the expense of the working class, lie without any reverence to the truth.

It would be great if you could get Greenspan to debate someone like Peter Schiff. One was in the high seat of power, while the other was pleading for the correct action in using that power. Very interesting!

Capitalism does not work without allowing well run corporations to buy up failed institutions. It is one of the mechanisms to properly allocate capital. It rewards good ideas and behaviors and punishes the opposite. Instead, government bureaucrats will continue to decide winners and losers to the detriment of all.

“About as credible as Obama’s outrage at the fatcats on Wall Street.” So true. People keep losing their jobs and homes while wall street keeps marching on. What is wrong with that picture? How is that change working for all who voted for Obama?

I doubt Pres Obama has much idea about the needs for strong regulation. I continue to think he is just a device that repeats what he is told. However it is obvious to me that we have allowed Banks and pseudo banks to do all sorts of thing with no oversight and control. We really do need laws that control these folks and we need to enforce them. If Obama wants to stand up and look nice about it that is a small price to pay.

DFR, how do we know McConnell is lying? Has the financial reform bill been publicly posted so everyone can see what it actually says? Or is this another “trust us” bill.
People would have to see the bill for themselves before they can judge who’s telling the truth about what’s in it.

Y2K, AGW, Volcanic Ash: Overrated, overstated, a lot like Obamacare…

The media’s fanfare about SEC fraud charges against Goldman Sachs is designed to scare politicians into passing the so-called financial reform bill that is before Congress.
This Bill will give to the Federal Reserve, a puppet of the huge monopoly banks, control over their remaining banking competition, what their media calls the “shadow banking system”. This competition is composed of the likes of Fidelity, Vanguard, Charles Schwab, American Century, etc… which act like banks with checking accounts, savings, mutual funds, lending and brokerage services.
Contrary to the media hype of a “new” financial order, the recent financial crisis created by the Federal Reserve eliminated banking competition and kept the “old” financial order in power that has governed since the reign of Abraham Lincoln (1861-1865).
In three years the “old” financial order has bankrupt, bought, or gained control of much of their banking competition, from Lehman Brothers to CIT.
The media publicity about Goldman’s fraud charges is a smoke and mirrors ploy to pressure Congress to pass the financial reform bill to maintain and expand this banking cartel.
Consumers and small businesses will have to lick the boots of the few elitist banks of the “old” financial order to obtain a loan. Investors and savers will have few options in their choices for high yields and returns on their investments.
Right now these monopoly banks are borrowing from the Federal Reserve at 1% and lending to consumers, via credit cards, at up to 30%. Price gouging is always the result of establishing monopolies.
It should be no surprise that the largest monopoly banks left in power are Goldman Sachs, Citibank, J.P. Morgan Chase, Wells Fargo, Bank of America, Mellon Bank of New York and Morgan Stanley.
All, except Bank of America, are part of the “old” financial order that mushroomed into power about 150 years ago during and after Lincoln’s Tax War. Lincoln declared in his First Inaugural Speech he started this war solely to collect his new 40% import tax from Southerners under the Morrill Tariff Act of 1861.
With the passage of his National Bank Act of 1863, Abraham Lincoln, a puppet of Northern banks and industries, re-established Alexander Hamilton’s centralist banking system in the United States, which set the foundation for the present day Federal Reserve System.
Under his First Legal Tender Act of 1862, Lincoln printed worthless paper money displaying images of Alexander Hamilton and Lincoln’s Treasury Secretary Salmon P. Chase (as in Chase Bank), which ultimately destroyed State banking.

Those that claim the financial reform legislation will benefit big banks or stifle competition are not being truthful.
First of all, the big banks are objecting to it strongly
Posted by: Lydia |
Citation please.

“For his presidential campaign in which Wall Street regulation was a mantra, Obama’s top source of funds was investment bank giant Goldman Sachs, whose employees, partners, and executives gave him $995,000 — that’s the most any politician has raised from any one company in a single election since the age of “soft money” ended.”
Obama raised more money than any politician had previously raised by a near 4 to 1 margin.
He outraised McCain himself by a 2 to 1 margin.
Obama’s top source for funds were employees of the University of California.
Here’s the list
University of California $1,591,395
Goldman Sachs $994,795
Harvard University $854,747
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
Time Warner $590,084
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $551,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $528,822
Columbia University $528,302
Morgan Stanley $514,881
General Electric $499,130
US Government $494,820
Latham & Watkins $493,835″
Obama is pursuing financial reform and regulation while the GOP doesn’t want any regulation of the industry.
The GOP using Frank Luntz’s talking points it trying to make themselves the defenders of the people versus the banking interests.
This is as laughable as when they tried to position themselves as defenders of MediCare.
The right wing is so bereft of new ideas that all they have left is calling white black and vice versa.

Obama is pursuing financial reform and regulation while the GOP doesn’t want any regulation of the industry.
Posted by: Ryan C |
Life is so easy when you believe that your political party is as pure as ANWR.