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TYT: Shame On These Democrats For Enabling Wall Street Deregulation
TYT • Published on Jun 15, 2014
"Over the past two years, House Majority Leader Eric Cantor (R-Va.) has repeatedly wrestled with factions of his own party as he tries to bring traditionally uncontroversial bills to the floor, only to see a legislative war break out between tea party hard-liners and old-guard conservatives. But Cantor is currently prepping a bill that will incite a different kind of floor fight -- this time among Democrats.
It's supposed to be the kind of procedural bill that wouldn't raise hackles, even during an election year. The House Agriculture Committee cleared it by a voice vote, not even bothering to record the yeas and nays. Many of its major provisions have already passed the House with dozens -- in some cases, hundreds -- of Democratic votes."* The Young Turks host Cenk Uygur breaks it down.
- "I think they are gravely mistaken, and I think they're all going to fail," says former House Financial Services Committee Chairman Barney Frank (D-Mass.) of the bipartisan effort to chip away at the financial reform law that bears his name. "I cannot believe that if these became big public issues, that it would benefit the people pushing them."
The Koch and Wall Street-backed deregulation items have all been folded into a bill formally reauthorizing the existence of the Commodity Futures Trading Commission -- the regulator that oversees the multi-trillion-dollar derivatives market. The agency has been functioning without authorization since October, and financial oversight advocates are confident that it can continue to do so unless the GOP passes legislation to defund it.
By lumping a host of bipartisan bills together, the CFTC bill is Wall Street's best chance yet to defang Dodd-Frank. The most consequential deregulation bill in the package was introduced in early 2013 as HR 1256. Critics on Capitol Hill blast it as the "London Whale Loophole Act," because it allows U.S. firms to skip Dodd-Frank's trading rules on derivatives, provided they conduct trades in other countries with supposedly similar regulatory regimes.
*Read more here from Zach Carter & Paul Blumenthal / The Huffington Post:
http://www.huffingtonpost.com/2014/06/10/democrats-help-koch-brothers_n_5439780.html
- It's clear that these Democrats follow the philosophy of Mark Twain, when he said: ''It is better to take what does not belong to you than to let it lie around neglected.''
Yeah, I know. They don't need a reason.....
5 replies
= new reply since forum marked as read
= new reply since forum marked as read
...however, and I'm also not sure there is a strategy that will allow one to ''profit'' from the crash that's coming because it has all the earmarks of the Last Crash.
They've been making this up as the go for quite sometime now. The numbers have never worked because the core principle of capitalism is a lie, i.e.: ''That something can be created from nothing.''
While this may be a basic truth of quantum mechanics, it does not apply in any meaningful way to those of us living in the slow lanes of matter down here in the 3rd dimension. Fiat capitalism is simply saying what something's worth because you say it is.
- And when you have the most deadly arsenal of bombs and other killing machines in the world, who's gonna argue?
