Obama Says He'll Veto Financial Reform Without Derivatives Controls

Source: Talking Points Memo

Obama Says He'll Veto Financial Reform Without Derivatives Controls
Rachel Slajda | April 16, 2010, 2:01PM


Before meeting with his economic advisers today, President Obama told reporters he'd veto any financial regulatory reform bill that doesn't "bring the derivatives market under control."

"We can't allow history to repeat itself," he said.

Financial reform is being worked on in the Senate right now. Majority Leader Harry Reid said yesterday that he hopes to see a bill on the floor next week.


Read more: http://tpmlivewire.talkingpointsmemo.com/2010/04/obama-says-hell-veto-financial-reform-without-derivatives-controls.php

About time Mr. President.

somehwere before....

I sure as hell hope this time he means it. And DOES it.

If he did so here, it is indeed a line in the sand.

Love it!

I'm picking them out one by one.

It's pretty funny. The cognivitive dissonance is really starting to sink in.

LOL

:rofl:

THEN DIDN'T.

So how is saying you will veto a bill without derivative regulation any different?

Or is it just not real to you?

Which to me signals that he doesn't make veto threats he doesn't think he can keep. If he's threatening a veto it means he's not fucking around.

say what you will about Obama, I don't think he has falsely threatened a veto.

And he's going to repeal DADT this year. And close Gitmo.

Riiiiiiiiiight.

and after 8 years of a casino economy with a NO HOLDS BARRED style of governing, it's good to see. You certainly would NOT get anything close to this under a GOP presidency

I cannot believe any financial reform bill would not have included it.. have they learned nothing?!?

:applause:

Watch Tea Partiers rally to the defense of Wall Street!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4346732


A few entities now control 60% of our gross national product. That's too big to fail. And that's only the U.S., not the global picture. Globally, they're downright impossible to allow to fail.


This may be a good step, BUT, ban derivatives and they will come up with something else that investors can't understand.

You need a broader definition of what banks/Wall Street can and cannot do.

No one in 1929 had even dreamed of derivatives, yet we still had a crash based on fleecing the investing public. We didn't bail out the crooks then.

After that, FDR and his team created a template. Leave anti-trust laws of cousin Teddy in place, create the FDIC, the SEC, etc.--and make them do their jobs. Pass Glass Steagall. Employ the unemployed (instead of bailing out the greedy manipulators who created the Depression).

Starting with Reagan, we began dismantling all that.

Unlike FDR, this administration has the template. It does not have to re-invent the wheel, just polish it up a bit. But, Bernanke, who is supposed to be an expert on the Depression, appears to be recommending something different.

Elizabeth Warren doesn't think a hell of a lot of Dodd's bill. I think I'll stick with Professor's Warren's view.

http://en.wikipedia.org/wiki/Elizabeth_Warren

Check out this week's Bill Moyers' Journal, too, his interview with Simon Johnson and James Kwak.

http://www.pbs.org/moyers/journal/04162010/profile.html
http://www.pbs.org/moyers/journal/04162010/transcript1.html

While at the site, you may want to search for Moyer's interviews with Professor Warren and also his interview with reporters from Mother Jones.

Too much work? Just cheer, then, if you're a Democrat and boo if you're a Republican. And save your pennies for the next bail out and the next jobless economic "recovery."