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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA Colossal Mistake of Historic Proportions: The “JOBS” bill
A Colossal Mistake of Historic Proportions: The JOBS bill
By Simon Johnson
From the 1970s until recently, Congress allowed and encouraged a great deal of financial market deregulation allowing big banks to become larger, to expand their scope, and to take on more risks. This legislative agenda was largely bipartisan, up to and including the effective repeal of the Glass-Steagall Act at the end of the 1990s. After due legislative consideration, the way was cleared for megabanks to combine commercial and investment banking on a complex global scale. The scene was set for the 2008 financial crisis and the awful recession from which we are only now beginning to emerge.
With the so-called JOBS bill, on which the Senate is due to vote Tuesday, Congress is about to make the same kind of mistake again this time abandoning much of the 1930s-era securities legislation that both served investors well and helped make the US one of the best places in the world to raise capital. We find ourselves again on a bipartisan route to disaster.
The Senate needs to slow down and do its job we have two legislative bodies for a reason and the Senates historical role is partly to serve as a check on enthusiasms that may suddenly sweep the House. To pass this legislation on Tuesday would be a grave mistake.
. . . .
The bill, HR3606, received bipartisan support in the House (only 23 Democrats voted against). The bills title is JumpStart Our Business Startup Act, a clever slogan but also a complete misrepresentation.
Read more: http://baselinescenario.com/2012/03/19/a-colossal-mistake-of-historic-proportions-the-jobs-bill/#more-9994
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Johnson indicates the JOBS bill is just one more step by the financial sector and our bought politicians toward another recession.
hfojvt
(37,573 posts)but not Baldwin or Kaptur.
Kinda hard for me to determine what the law actually does
but worth taking note of.
Sorta funny about Glass-Steagall. It originally passed the Senate 54-44 and the House 241-132
but then the conference bill passed 90-8 and 362-57.
One of the reasons I hate the word "bipartisan" is that it often seems like they get together to praise some bi-partisan piece of crap that I think NEITHER party should have voted for, and yet suddenly there is (supposedly) NO opposition to the crap.
rusty fender
(3,428 posts)I do. If it does what Johnson says it will do, the Prez should agree.