Bipartisan Support for Wall Street Deregulation of Derivatives - Tax Payers on the Hook

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posted on Mar, 20 2013 @ 06:41 PM
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www.huffingtonpost.com...


WASHINGTON -- A House Committee approved six new bills to deregulate Wall Street derivatives on Wednesday, advancing legislation that would expand taxpayer support for derivatives and create broad new trading loopholes allowing banks to shirk risk management standards created by the 2010 Dodd-Frank bill.


How nice of these thieves!


The most controversial bill to advance Wednesday is explicitly designed to expand taxpayer backing for derivatives. It was the only legislation that lawmakers were required to cast individual votes for or against; the others were all approved by unanimous voice votes. The bill to increase taxpayer support for bank derivatives dealing was approved by a vote of 31 to 14.


It is quite clear that the vultures in DC and their cronies on Wall Street do not represent the best interest of this nation nor its people.




posted on Mar, 20 2013 @ 06:45 PM
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reply to post by jacobe001
 




I love how it says "Bipartisan"! Hopefully it will wake up some of the folks on ATS that believe your blood is either Red OR Blue!

Time to become adults and realize these criminals only use the partisan rhetoric to keep us fighting and divided while giving us a lube free screwin!!!



posted on Mar, 20 2013 @ 07:04 PM
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reply to post by seeker1963
 


Yep. It is all charade theatrics.
There is no difference between both status quo parties.
edit on 20-3-2013 by jacobe001 because: (no reason given)



posted on Mar, 20 2013 @ 07:06 PM
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It also makes me wonder how many propagandist the government has employed, since it is in their best interests, and their masters best interests? Divide and Conquer!


BARACK OBAMA (D)
Top Contributors


Goldman Sachs $1,013,091
JPMorgan Chase & Co $808,799
Citigroup Inc $736,771
Morgan Stanley $512,232
Latham & Watkins $503,295

If it were not Obama, then Romney would have done just fine as well for the Banksters:

MITT ROMNEY (R)
Top Contributors

Goldman Sachs $1,033,204
Bank of America $1,009,402
Morgan Stanley $911,055
JPMorgan Chase & Co $833,096
Wells Fargo $674,076
Credit Suisse Group $640,620
Citigroup Inc $510,199
HIG Capital $382,904
General Electric $332,875



posted on Mar, 20 2013 @ 07:13 PM
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Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong

www.washingtonsblog.com...

whats left to say that isn't said here?

I'm sure the legislators have this info too, so its obvious that the affected countries legislators has been bought and sold



posted on Mar, 20 2013 @ 07:16 PM
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I read about it this morning and was shocked and dismayed...but not entirely surprised.

Removing the laws which barely constrain these thieves will almost assuredly cause more manipulation, corruption, and lost money for people who can least afford it.

If you need any proof that our so-called representatives don't give a rat's ass about our economy or the little person, here it is.



posted on Mar, 20 2013 @ 07:26 PM
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Why would anyone expect different from the Whig Ed repub con trolled House.

The headline say bi-partisan, but the article clearly quotes democratic opposition, and democratic rep speaking out against the ignorance of these policies.

What this effort makes me wonder is how long before the long predicted derivatives market collapses.



posted on Mar, 20 2013 @ 07:32 PM
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reply to post by jacobe001
 


Seriously?!?! Is anyone not sure they are fleecing us dry and moving on? This is just crazy...it must stop. We have to stop all this out of control greed.



posted on Mar, 20 2013 @ 07:36 PM
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Originally posted by poet1b

Why would anyone expect different from the Whig Ed repub con trolled House.

The headline say bi-partisan, but the article clearly quotes democratic opposition, and democratic rep speaking out against the ignorance of these policies.

What this effort makes me wonder is how long before the long predicted derivatives market collapses.




There were some Democrat Representatives that stood up against it:


The top Democrat on the Agricultural Committee, Rep. Collin Peterson (D-Minn.), gave a speech warning that the legislation could repeat the deregulation debacles of the 1990s.

"Two of the worst votes I ever made in this place was the Commodity [Futures] Modernization Act of 2000 that exempted all of these swaps from any regulation or any margins," Peterson said. "I didn't know any better. The other vote I made that was really bad is eliminating Glass-Steagall. We should have never done that and I bought into that. You know, if we had Glass-Steagall back, this wouldn't be an issue here ... You're putting taxpayers on the hook.



But there were also Democrats for it:


Scott spoke out in support of several of the deregulation bills. He is the only Democrat who serves on both the Financial Services Committee and the Agriculture Committee, and has raised over $1.7 million from the banking industry over the course of his congressional career -- more than double his total from any other sector, according to Center for Responsive Politics.


A Bankster Puppet if there ever was one!

Then the biggest puppet of all is Obama.

I don't deny there are some worse on the Republican side either. That is why both sides of the house are criminals and it is a Non Partisan Issue.



posted on Mar, 20 2013 @ 07:54 PM
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they should make add a paper clip note that anyone backing this is also responsible so if this turns south their bank accounts are frozen and they are completely broke if it falls back on the tax payers and i bet this wouldn't get a single vote



posted on Mar, 20 2013 @ 07:58 PM
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Originally posted by digital01anarchy
they should make add a paper clip note that anyone backing this is also responsible so if this turns south their bank accounts are frozen and they are completely broke if it falls back on the tax payers and i bet this wouldn't get a single vote


That sure would be nice, and we can dream.
Of course, when the foxes are in charge of the hen house, and we are footing the bill, they can party on at our expense and not care one iota what we think or feel.



posted on Mar, 20 2013 @ 08:30 PM
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reply to post by jacobe001
 


Obama is the biggest banker puppetry?



GW or Romney would be chomping at the bit to sign such a bill.

You know it, I know, everyone knows it whether or not they want to admit it.

De-regulation is the republican mantra, and they don't care how badly the dereg policies screw over everyone on the planet except for an extremely tiny percentage of greedy evil buggers.

Are the people who bought Reagan's lies going to choose to remain ignorant all their lives?



posted on Mar, 20 2013 @ 09:16 PM
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Hey OP how about posting the voting record for us?

Poet... you are in denial. He's the president right now and the buck stops with HIM...

From OP's article




Dodd-Frank forced banks to move some of their derivatives sales operations out of the unit that receives government insurance, in an effort designed to prevent taxpayers from having to repay depositors if risky derivatives forced a bank to fail. On Wednesday, the House committee approved a bill that would eliminate that safeguard and allow banks to deal derivatives from their taxpayer-backed unit. The repeal was sponsored by Reps. Jim Himes (D-Conn.), Sean Patrick Maloney (D-N.Y.), Randy Hultgren (R-Ill.) and Richard Hudson (R-N.C.). Banks like the provision because it allows them to earn higher profits from their derivatives sales, since credit rating agencies issue higher ratings to derivatives sold with taxpayer support.
edit on 20-3-2013 by MsAphrodite because: (no reason given)



posted on Mar, 20 2013 @ 09:26 PM
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The regulation that was in place clearly wasn't working. Is regulation the issue? A clear evaluation of all the "financial tools" used in investments needs to happen. It is legalized betting that makes more money by eliminating or destroying a good slow growth business that employs people. It is criminal. I wouldn't sign up to be part of a collective insurance agency for a bookie. Why would I as a taxpayer be on the hook for the scheme called derivatives.

My Sioux friend works at a Casino in South Dakota. He says that Wall Street is the biggest casino in the US with the worst customer service.
edit on 20-3-2013 by ibiubu because: (no reason given)



posted on Mar, 20 2013 @ 09:50 PM
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Originally posted by poet1b


GW or Romney would be chomping at the bit to sign such a bill.




I know GW or Romney would be chomping at the bit to remove American's protections against these thieves, but why have them in place when criminals like these do it as well?

Get it through your head, that neither party in DC has our best interest in mind.
They are playing you as a sucker.

Jim Himes, Former Goldman Sachs Executive, Introduces Bill To Deregulate Derivatives
www.democraticunderground.com...



Posted: 03/07/2013 10:35 am EST | Updated: 03/07/2013 4:11 pm EST

Rep. Jim Himes (D-Conn.), a former Wall Street executive, is joining Rep. Randy Hultgren (R-Ill.) to introduce legislation that would deregulate derivatives, undercutting one of the most meaningful elements of the 2010 Dodd-Frank Wall Street Reform Act.

Derivatives -- which Warren Buffett has referred to as “financial weapons of mass destruction” -- are viewed as a key trigger of the 2008 economic crisis.

The bill would "allow banks to keep commodity and equity derivatives in federally insured units," Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank's "push out" provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity.

Himes, who was recently named the national finance chairman of the Democratic Congressional Campaign Committee, is a former executive at Goldman Sachs, where he was a vice president


.



posted on Mar, 20 2013 @ 09:54 PM
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Originally posted by ibiubu

My Sioux friend works at a Casino in South Dakota. He says that Wall Street is the biggest casino in the US with the worst customer service.
edit on 20-3-2013 by ibiubu because: (no reason given)


Your friend is spot on!
There appears to be many others that could learn from him.
Your money is not safe on Wall Street.

Also, another way to look at regulations, is as protection or defensive measures from corrupt people.
The same reason we should be having a defensive military to protect our borders from corrupt people and countries. The military instead is used as a big regulator of foreign markets for the elites to profit from

The elites preach deregulation and then using our tax dollars, use the military to regulate the world markets to their, not our, benefit.
edit on 20-3-2013 by jacobe001 because: (no reason given)



posted on Mar, 21 2013 @ 11:43 AM
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Glass-Steagall needs to be fully restored.





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