posted on Dec, 11 2009 @ 07:26 PM
Article Source here:
The House passed legislation Friday governing Wall Street, the biggest overhaul of laws covering banks and other financial institutions since the New
Deal. Senate action is expected early next year.
Some questions and answers on the bill:
Q. Who does it affect?
A. Financial institutions, both banks and nonbanks; homeowners, borrowers and credit card holders; insurance companies; hedge funds; traders in
complex derivatives; and securities rating companies.
I find it kind-of self defeating because according to this, it would be over-saw by the treasury secretary and the FED chief. It is almost like giving
them even more power to prevent any recovery by releasing the numbers on the derivatives market which is (if I am reading that PDF correctly)valued at
604,622 Billion Dollars as of june 2009 or 60 quadrillion 4 trillion 622 billion dollars.
by Comparison the world GDP for last year was 60,917,477,000,000
The news of which would send world inflation surging to un-heard of levels.
Sorry if this post is all screwy, I ran out of time to post it and this is also my first thread in a very , very long time.