Survivalist Forum banner
1 - 8 of 8 Posts

·
.........................
Joined
·
1,765 Posts
Discussion Starter · #1 ·
Senate Panel Approves Tougher Rules on Derivatives

WASHINGTON — A crack appeared on Wednesday in the Republican wall of opposition to the financial reform bill.

A Republican senator, Charles E. Grassley of Iowa, voted Wednesday in favor of a measure requiring tough regulations on the market for derivatives, the complex financial instruments that were behind much of the breakdown in financial markets two years ago.

He was the lone Republican to side with Democrats on the Agriculture Committee in approving a bill that will now be folded into the larger financial overhaul measure.

.....

The bill would require most derivative contracts to be traded on a public exchange and to be processed, or cleared, through a third party to guarantee payment if one of the traders went out of business.

It also would require most big banks and Wall Street firms to put their derivatives trading business into a separate subsidiary, a move opposed by the banks as well as the Obama administration.

.....

In recent days, however, Republicans have suggested that bipartisan negotiations have restarted and have begun to yield progress, though Democrats have not announced any major changes to the legislation.

_______________________________________________

Is this the regulation we need or is this smoke and mirrors?
 

·
Sam Adams was right....
Joined
·
9,381 Posts
...or they could just reinstate Glass-Steagall...
 
  • Like
Reactions: ExNav

·
Prepared
Joined
·
15,924 Posts
Nah, they're just trying to patch up piracy to make it sustainable again. The government that created this can't possibly have the political will to fix it. The best we can hope for is some internal squabbling among the mobsters, and they'll weaken themselves from within through their bickering over the spoils.
 

·
Prepared
Joined
·
15,924 Posts
"Goldman's White House connections raise eyebrows"

http://www.mcclatchydc.com/2010/04/21/92637/goldmans-connections-to-white.html

Add in people like Paul Adolph Volcker, Democrats like Dodd-CT, etc. and it's clear that little or nothing will be done.

My predictions:
  • No jail time for any of them, not even a symbolic fall guy.
  • Republicans will fight against any reform at all.
  • Democrats will penalize honest banks, and create a pool (like FDIC) so the industry can bail itself out when banksters decide to plunder...er... become "weak on" oversight. Socialize the loss through theft, rather than jail the architects (same solution to the S&L's). Costs will be passed onto consumers.
  • The corporate media will turn this into a left/right thing.
  • Another pot 'o gold will be built up, and subsequently plundered amid yet more partisan bickering (distraction).
  • Maybe something really big will hit the media any day now (another war?) in order to provide distraction from this issue and DC will be utterly "focused" on some other topic altogether while this one is buried.
 

·
.........................
Joined
·
1,765 Posts
Discussion Starter · #8 ·
What you say in the list above may be true. But the link to "Goldman's White House connections" is not really a smoking gun....

According to White House visitor logs, Blankfein was among the business leaders who attended an Obama speech on Feb. 13, 2009, and he also joined more than a dozen bank CEOs in a meeting with Obama on March 27, 2009.
It is inarguable, Goldman gave money to the Obama campaign. It is possible that the Dems are preparing to feast on their golden goose. Possible. I hope.
 
1 - 8 of 8 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top