posted on Aug, 8 2014 @ 11:44 AM
House Passes Bill To Aid Koch Brothers, Deregulate Wall
OK so this is a little late, but it hasn't been posted or even discussed at all, and that is a real shame. It is this type of Congressional track
record that is driving the USA closer and closer to the brink of manmade disaster.
WASHINGTON -- The U.S. House of Representatives on Tuesday passed a financial deregulation package that would benefit the Koch brothers and the
nation's largest banks by a vote of 265-143.
The legislation would significantly weaken elements of the 2010 Dodd-Frank financial reform law dealing with derivatives -- the complex products at
the heart of the 2008 meltdown. Many components of the bill approved Tuesday had previously passed the House with bipartisan support. However,
Democratic backing had been weakest on the most controversial measure, which allows U.S. firms to skirt domestic regulations on some derivatives by
conducting trades through offshore affiliates in other major financial centers.
Republicans were almost uniform in their support, with Rep. Walter Jones (N.C.) the lone GOP holdout. Democratic opposition was broad, with only 46
Democrats voting in support -- a marked change from several recent House votes on Wall Street deregulation that have drawn substantial backing from
dozens, and in some cases an overwhelming majority, of House Democrats. The White House issued a formal statement last week saying that it "strongly
opposes" the legislation that passed Tuesday.
Every time we give the big Wall Street banks more breaks and fewer regulations, they abuse it and we end up in a major economic collapse. The last
time in 2007-8 we nearly ended up in a depression and it was all from lax oversight of the Banksters.
Now the House is set to erode what pitiful few regulations were enacted to prevent that disaster from repeating. Derivative Options are an especially
volatile market and it is dominated by a few large players especially in the energy sector.
Just remember the passage of this bill several years from now when you are going through yet another financial collapse.