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Keyword: financialreform

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  • How Wall Street Killed Financial Reform (...with a big assist from Congress and the White House)

    05/14/2012 5:11:56 AM PDT · by Wolfie · 14 replies
    Rolling Stone ^ | May 12, 2012 | Matt Taibbi
    How Wall Street Killed Financial Reform It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House. Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. "These reforms represent the strongest consumer financial protections in history," the president told an adoring crowd in downtown D.C. on July 21st, 2010. "In history." This...
  • Bank of America warns of new fees after financial reforms

    09/14/2010 5:58:48 PM PDT · by coaltrain · 11 replies · 1+ views
    APF (Breitbart) ^ | 09/14/10 | AFP
    Bank of America will charge clients new monthly fees if their accounts do not meet a minimum balance, the bank's CEO Brian Moynihan said on Tuesday. ... These and other measures will allow the bank to compensate for revenue lost due to new regulations put in place following the 2008 financial crisis that led the US government to salvage many bank with massive bailouts, he said. "Over the next 12 months, we will reset the entire product line." Bank of America has recently introduced a new account, called e-account, offering reduced fees for customers using automated services, while reducing the...
  • Maxine Waters: The Obama financial reform is about access for the minorities and women

    08/13/2010 10:53:19 AM PDT · by Big Bureaucracy · 20 replies
    Big Bureaucracy ^ | August 13th, 2010 | Ellie Velinska
    Congresswoman Maxine Waters put in the spotlight on the Obama financial reform pointing out that the legislation goes above and beyond to secure access to money for minorities and women: I was honored to serve on the conference committee of the Wall-street Reform and Consumer Protection Act. I am happy to say that much of the legislation I authored has access for women and minority rights, for shareholders more accountable Consumer Protection Bureau and assistance for struggling and unemployed homeowners was included in the final legislation that was signed by President Obama. I am particularly proud of offices of...
  • O's latest biz-killer

    08/12/2010 3:29:56 AM PDT · by Scanian · 23 replies · 1+ views
    NY Post ^ | August 12, 2010 | PAUL SPERRY
    Buried deep inside the new "financial reform" law is a scheme to force affirmative action on small-business lending -- a "reform" with ominous implications for the US economy. Aimed at curtailing supposed discrimination, the race-based lending mandate is guaranteed to have perverse effects -- just like the drive for "racial fairness" in mortgage lending paved the way for the subprime crisis and the 2008 financial meltdown. The new Dodd-Frank banking law sets up a data-collection system to monitor small-business loans for racial bias. Lenders must report if a business that applied for a loan is minority-owned, and whether the application...
  • The man who speaks to you of sacrifice, speaks of slaves and masters

    President Obama and the left like to talk about sacrifice as if it is some sort of patriotic duty to let the government take your hard earned money and give it to another. For instance: You have the right to drive a Chevy Volt if you choose. But why should the government subsidize that choice by taking money from the pockets of your fellow citizens to support your choice? If you want to drive a car that costs $41,000.00 so be it but you better be able to pay for it without expecting a subsidy from your neighbor. I received...
  • 2500 page Financial Reform Bill fine print: SEC can refuse Freedom of Information Requests

    08/02/2010 8:01:00 PM PDT · by geraldmcg · 7 replies · 6+ views
    WebToday ^ | 8-2-10 | WebToday
    If you thought it ended with ObamaCare, think again. By “it,” we mean the irresponsible act of Congress to ramrod massive legislation through its chambers with far more regard for incestuous political praise than public service, only to find out, after the fact, that assaults on our Constitution and our individual freedoms were buried in the thousands of pages that this same Congress didn’t have time to read. Bob Beauprez (R) is a former Congressman from Colorado, now political commentator, who can only sum up what he is witnessing in the past 18 months under an Obama, Reid and Pelosi...
  • ‘TRANSPARENCY’ WILL SHIELD SEC: Obama’s Financial Reform Fails to Deliver on Promise

    08/01/2010 8:40:15 PM PDT · by geraldmcg · 9 replies · 13+ views
    SpecialGuests.com ^ | 8-1-10 | Special Guests
    If you thought it ended with ObamaCare, think again. By “it,” we mean the irresponsible act of Congress to ramrod massive legislation through its chambers with far more regard for incestuous political praise than public service, only to find out, after the fact, that assaults on our Constitution and our individual freedoms were buried in the thousands of pages that this same Congress didn’t have time to read. Bob Beauprez (R) is a former Congressman from Colorado, now political commentator, who can only sum up what he is witnessing in the past 18 months under an Obama, Reid and Pelosi...
  • FINANCIAL REFORM PASSES: 2300+ Pages, Hidden Details Emerging

    08/01/2010 4:23:09 AM PDT · by geraldmcg · 9 replies · 1+ views
    WebToday ^ | 8-1-10 | WebToday
    Remember the “2,074-page monstrosity” that was ObamaCare? . . . Forget about it. Somewhere in obscurity, where legislation is actually written, the game of one-up-manship appears to be completely out of hand, as the U.S. Senate on Thursday passed the financial reform bill that eclipsed 2,300 pages. Like most experts in the financial world, economic analyst and professional investment consultant, Peter D’Arruda, is watching this legislation unfold with reservations—not just because of the size of the bill, bloated with hundreds of new regulations, but because of what Senator Dodd (D-CT) said as he ushered the bill through . . ....
  • Financial Reform - Social Justice on Steroids

    07/31/2010 11:39:48 AM PDT · by GretchenB · 2 replies · 3+ views
    TheOptionTrader.com ^ | July 25, 2010
    Whenever the legislation includes the following, you know we’re in trouble: “communities”, "low-income, minority, or underserved”, “fair lending”. And that is what this legislation is all about. They will train the ‘less fortunate’ to be financially literate so after they get all the money from the workers of America they will know how to invest it. It has been another eye-opener to see just how far this country has progressed toward socialism and the Obama dream. Granted, there have been many laws on the books that did bits and pieces of the new legislation, but as the Progressives get more...
  • Financial Reform Exempts SEC and DOJ: Funding the Creeping Lawlessness at the DOJ

    07/28/2010 9:17:52 AM PDT · by maggiesnotebook · 7 replies · 2+ views
    Maggie's Notebook ^ | July 28, 2010 | Maggie M. Thornton
    Big news this morning that the financial reform bill exempts the SEC from transparency. Perhaps even bigger news is that the corrupt DOJ is also exempt. The bottom line, no transparency at either agency. Is this how we will fund the creeping lawlessness at the DOJ? Mary Shapiro, SEC head, and Eric Holder are free to ignore whistleblowers again, and hide whatever needs to be hidden.
  • New Controversy: Financial Reform Bill Contains Quotas For Minority Hiring On Wall Street(LOL)

    07/28/2010 5:02:19 AM PDT · by TigerLikesRooster · 28 replies · 2+ views
    Business Insider ^ | 07/28/10 | Joe Weisenthal
    New Controversy: Financial Reform Bill Contains Quotas For Minority Hiring On Wall Street Joe Weisenthal | Jul. 28, 2010, 5:27 AM This is always how it goes with big bills. Politicians and the media focus on a few big issues (prop trading, the Consumer Financial Protection Agency, etc.) while small, but controversial measures, get slipped in the back door, and then become the subject of fascination several days after the bill has passed. It happened with healthcare, after people suddenly realized there was a provision to go after fast food. And now with the Dodd-Frank Act, according to POLITICO, there's...
  • Financial reform law includes big cash incentives for whistle-blowers [gov't $ for informants]

    07/23/2010 2:29:47 PM PDT · by matt1234 · 7 replies
    LA Times ^ | July 23, 2010 | David Savage
    The new financial reform law has what some lawyers call a secret weapon against fraud on Wall Street and in corporate America: the promise of a million-dollar jackpot to insiders who reveal an illegal scheme to the government. Tucked in the massive bill is a provision that for the first time extends a concept long applied to government contracts to the private sector. It gives whistle-blowers a mandatory 10% — and as much as 30% — of what the government recoups in fines and settlements in financial fraud cases. These can include insider trading, false earnings reports and classic Ponzi...
  • Hillsdale College Prof. Paul Rahe - "Financial Regulations Reformed?"

    07/20/2010 10:26:52 AM PDT · by hillsdale1 · 11 replies
    BigGovernment.com ^ | 7/20/10 | Prof. Paul A. Rahe
    On Wednesday, if all goes as planned, President Barack Obama will sign the financial-reform bill crafted by Senator Chris Dodd of Connecticut and Congressman Barney Frank of Massachusetts, sponsored by the Democratic Party in both houses, and supported by three Republican Senators – Scott Brown of Massachusetts and Susan Collins and Olympia Snowe of Maine. When the bill is signed, we will be told, as we have repeatedly been told in the last few months, that the measures included within it will prevent future financial crises of the sort that we have suffered from over the last two years.
  • The Obama Financial Reform creates jobs: for bureaucrats

    07/17/2010 12:24:16 PM PDT · by Big Bureaucracy · 2 replies
    Big Bureaucracy ^ | July 17th, 2010 | Ellie Velinska
    The Financial Reform give the USA new bureaucracies of all kind: Advisory Committee, Office of the Investor Advocate, and of course the … the Bureau of Consumer Financial Protection that will include the Consumer Advisory Board. It is not likely that the first-time home buyer will have the connections or the resources to influence who will sit on the Consumer Advisory Board. It is likely that the Wall Street will have the ability to lobby them. It is not likely that the senior taking care of the retirement funds will go all the way to the Office of the Investor...
  • Scott Brown: ‘the Man with the Truck’ turned into ‘the Man with the Hammer and Sickle’

    07/15/2010 3:25:18 PM PDT · by Big Bureaucracy · 33 replies
    Big Bureaucracy ^ | July 15th, 2010 | Ellie Velinska
    Scott Brown was the Man with the truck during his senatorial campaign. Today he assisted President Obama in the sweeping overhaul of the American financial system. The least we can say he broke his promise for no new taxes that will cripple the economy. The truth is the Gov now will call the shots on Wall Street. Do you think your money is safer now? The Rock Star of the tea party movement is a star no more. He is a poster boy again, but this time it is not for Cosmo, but for the Obama agenda. Remember how the...
  • WHAT? Dodd: It Will Take Another Economic Crisis To Determine If Financial Reform Worked

    07/15/2010 12:10:12 PM PDT · by i88schwartz · 17 replies
    RealClearPolitics ^ | July 15, 2010 | RealClearPolitics
    "It is not a perfect bill, I will be the first to admit that. We don't know ultimately how well the ideas we've incorporated here will achieve the results we desire. It will take the next economic crisis, as certainly it will come, to determine whether or not the provisions of this bill will actually provide this generation or the next generation of regulators with the tools necessary to minimize the effects of that crisis when it happens," Sen. Chris Dodd said Thursday.
  • Racial quotas in Dodd-Frank financial regulatory bill

    07/14/2010 7:02:46 PM PDT · by opentalk · 11 replies · 2+ views
    Daily Caller ^ | July 11, 2010 | Caroline May-
    The Dodd-Frank financial regulatory bill, ostensibly aimed at reforming Wall Street and preventing a future financial crisis, will impose racial and gender quotas on financial institutions if passed, according to economist Diana Furchtgott-Roth. Section 342 of the bill will establish Offices of Minority and Women Inclusion in at least 20 federal financial services agencies. These offices will be tasked with implementing “standards and procedures to ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and...
  • <B>The Uncertainty Principle</b> Dodd-Frank will require at least 243 new federal rule-makings.

    07/14/2010 2:47:57 PM PDT · by Thebaddog · 7 replies
    WSJ ^ | 7.14.10
    So Republicans Scott Brown, Olympia Snowe and Susan Collins now say they'll provide the last crucial votes to get the Dodd-Frank financial reform through the Senate. Hmmm. Could this be Minority Leader Mitch McConnell's secret plan to take back the Senate, guaranteeing another year or two of regulatory and lending uncertainty and thus slower economic growth? Probably not, but that still may be the practical effect. This week White House aides leaked to the press that President Obama may seek a review of regulations that are restraining business confidence and bank lending. Yet Dodd-Frank, with its 2,300 pages, will unleash...
  • Call Scott Brown 202-224-4543 to urge NO on the Financial Reform Bill

    07/12/2010 12:49:16 PM PDT · by wizard61 · 24 replies · 1+ views
    Vanity | July 12, 2010 | Self
    I just called & waited about 90 seconds. I said "please vote no on the financial reform bill"
  • Disappointing (Sen. Brown R-MA Yes for Financial "Reform")

    07/12/2010 11:04:07 AM PDT · by C19fan · 45 replies · 1+ views
    National Review Online ^ | July 12, 2010 | Stephen Spruiell
    Scott Brown will vote for the Democrats' financial-regulation bill, thus ensuring its passage: WASHINGTON, D.C. – U.S. Senator Scott (R-MA) today issued the following statement regarding the Wall Street reform bill: “I've spent the past week reviewing the Wall Street reform bill. I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax. As a result, it is a better bill than it was when this whole process started. While it isn't perfect, I expect to support the bill when it comes up for a vote. It includes safeguards to help prevent another financial...
  • Obama attacks GOP over Wall Street bill

    06/30/2010 9:08:46 AM PDT · by NormsRevenge · 14 replies · 1+ views
    AP on Yahoo ^ | 6/30/10 | Julie Pace - ap
    WASHINGTON – President Barack Obama on Wednesday accused Republicans of being out of touch with the struggles of ordinary Americans, railing against one House lawmaker's apology to BP oil and another's criticism of Wall Street overhaul legislation. In comments prepared for delivery at a town hall in Wisconsin, Obama gave voice to the Democratic Party's latest populist complaints in a tough election year. Responding to House Minority Leader John Boehner's gripe that the financial bill amounts to "killing an ant with a nuclear weapon," Obama said, "He should come here to Racine and ask people if they think the financial...
  • DC's role in stock market a growing question

    06/22/2010 2:51:50 AM PDT · by Scanian · 9 replies
    NY Post ^ | June 22, 2010 | John Crudele
    Things are getting interesting in the most important financial topic of our time: Has Washington ever rigged the stock market? Ben Bernanke recently told a Congressman that the Federal Reserve has not intervened in the stock market. But the Fed chairman dodged the rest of the question from Florida Democrat Alan Grayson: "Has the Federal Reserve -- alone or in concert with the Treasury Department or any part of government -- ever taken any action with the purpose or effect of supporting the stock market or an individual stock?" A few weeks ago Grayson finally got answers to that and...
  • The Sheer Pointlessness of the Dodd Plan (Why this stock market is pricing in gov't intervention)

    05/25/2010 10:12:29 AM PDT · by SeekAndFind · 1 replies · 191+ views
    Real Clear Markets ^ | 05/25/2010 | John Tamny
    Last week's passage of the Dodd finance reform plan dredged up bad symbolism, none of it good. Indeed, the Wall Street Journal front page headline touted legislation that would be the "Biggest Regulatory Overhaul of Wall Street Since Depression". Though most of us didn't suffer the federal government's persecution of the productive back in the ‘30s, basic history tells us that reforms back then did nothing to revive an economy on its back thanks to too much government. In that sense, we perhaps shouldn't pin all of the stock market's recent ill health on problems in a country as economically...
  • Gregg declares Wall Street Bill a Disaster (social justice lending)

    05/24/2010 6:13:56 PM PDT · by opentalk · 16 replies · 1,010+ views
    The Hill ^ | May 24, 2010 | Jay Heflin
    Sen. Judd Gregg (R-N.H.) on Monday declared the recently passed financial reform bill a disaster since it failed to address the main reasons that caused the market to collapse. "This bill is a disaster because it doesn't address the fundamental underlying causes of the economic issue, which were real estate and underwriting," he told CNBC's Squawk Box. ..."It's going to become an agency which defines lending on social justice purposes as versus on safety and soundness of purposes," he said, adding, "So you'll basically have a consumer agency which decides to go out in the morning, say, well everybody who...
  • Financial Regulation Bill is Socialism

    05/22/2010 8:24:33 AM PDT · by Kaslin · 20 replies · 893+ views
    Investors.com ^ | May 22, 2010 | Dick Morris and Eillen McGann
    President Obama has taken the United States one more giant step toward socialism by ramming through the Senate his financial regulation bill. The bill authorizes the secretary of the treasury -- a political appointee -- to seize any financial company (bank or non-bank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding or any other abuse that bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have! The legislation also requires...
  • Senate Democrats Pass Bill Allowing Govt to Collect Addresses, ATM Records of Bank Customers

    05/21/2010 12:29:01 PM PDT · by pissant · 84 replies · 2,429+ views
    CNS ^ | 5/21/10 | Matt Cover
    Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks, including customers’ addresses and ATM receipts. The Senate voted 59-39 on Thursday to pass the bill – the chief aim of which is to more-heavily regulate the financial industry – sending it to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out. The bill, if it becomes law, will create the Bureau of...
  • Congo Minerals Provision Becomes Part of Financial Bill

    05/21/2010 7:27:42 PM PDT · by markomalley · 4 replies · 411+ views
    NY Slimes ^ | 5/21/2010 | EDWARD WYATT
    During their long effort to pass a financial regulation bill, senators cited many causes for the housing crisis and the financial market collapse that led to the recession. The mining of minerals in Congo was not one of them. Nevertheless, tucked into the bill passed by the Senate on Thursday is a provision that requires any publicly traded company that uses certain minerals to file reports annually with the Securities and Exchange Commission certifying whether the minerals originated in Congo or neighboring countries. It also requires them to report what steps the company took to ensure that the purchase...
  • US Stocks Advance As Senate Backs Regulatory Legislation

    05/21/2010 4:37:00 PM PDT · by mlocher · 7 replies · 361+ views
    MarketWatch via Fidelity.com ^ | May 21, 2010 | MarketWatch
    A rally in financial stocks following the Senate's approval of a regulatory overhaul for the sector lifted the market Friday, though major indexes remained on track for hefty weekly declines. The Dow Jones Industrial Average rose 60 points to 10128, off 4.6% for the week. If the current gains hold through the close, the blue-chip measure will be off 9.6% from its recent high, barely back above the 10% milestone that traditionally defines a bull-market correction. Other major indexes posted daily gains but remained in corrective territory, a milestone they all reached following Thursday's plunge, which was driven by fears...
  • Sweeping Wall Street Reform Bill Advances

    05/20/2010 12:21:17 PM PDT · by Steelfish · 94 replies · 2,682+ views
    MSNBC ^ | May 20, 2010
    Sweeping Wall Street Reform Bill Advances Legislation is one of President Barack Obama's top domestic priorities WASHINGTON - U.S. Senate Democrats nabbed the 60 votes needed on Thursday to advance the biggest overhaul of financial regulation since the 1930s, paving the way for a final vote on passage within days. The legislation is one of President Barack Obama's top domestic priorities. The bill calls for new ways to watch for risks in the financial system and makes it easier to liquidate large financial firms that are failing. It also writes new rules for complex securities blamed for helping precipitate the...
  • Financial Reforms 'Cosmetic,' Won't Stop More Crises: Roubini

    05/18/2010 8:08:24 PM PDT · by SmartInsight · 5 replies · 370+ views
    CNBC ^ | May 18, 2010 | Barbara Stcherbatcheff
    Current efforts to reform financial regulation are "cosmetic" and won't prevent another crisis, economist Nouriel Roubini told an audience on Tuesday at the London School of Economics. "The way I think about this crisis is not in terms of black swans (a sudden, rare event), but white swan events," Roubini said. "Crises are much more common than we think." He tiptoed around the question of whether the financial crisis is over. "Maybe not," Roubini said. "There is a risk of ending up in another crisis, as the world found itself in the Depression in 1933."
  • Investors Should Avoid Banks 'At All Costs': Meredith Whitney

    05/17/2010 2:50:36 PM PDT · by TigerLikesRooster · 13 replies · 788+ views
    CNBC ^ | 05/17/10 | Krystina Gustafson
    Investors Should Avoid Banks 'At All Costs': Meredith Whitney Posted By: Krystina Gustafson | Special to CNBC.com CNBC.com | 17 May 2010 | 04:53 PM ET Investors should "avoid financials at all costs, particularly in the banking sector" because the Senate's financial reform bill will end up restricting credit and hurt bank earnings, well-known banking analyst Meredith Whitney told CNBC. "Politicians have proven far worse than our worst expectations," she said in an interview. "It could be very bad for banks." Whitney cited two new credit card rules in the Senate bill as particularly onerous. One would force banks to...
  • Frank Claims Fannie Mae, Freddie Mac Already Reformed

    05/14/2010 11:02:35 AM PDT · by Slyscribe · 19 replies · 521+ views
    IBD's Capital Hill ^ | 3/14/2010 | David Hogberg
    In the wake of Fannie Mae (FNM) and Freddie Mac (FRE) reporting more huge losses in Q1 and requesting an additional $19 billion in taxpayer funds, House Financial Services Chairman Barney Frank, D-Mass., assured everyone that the losses were due to bad practices in the past: “The point Chairman Frank is making in his memo is that they are not losing money on operations since being taken into conservatorship by (President) Bush,” said Frank spokesman Steve Adamske
  • Senate Adds Deposit Insurance Amendment to Financial Reform Bill

    05/12/2010 12:39:09 PM PDT · by Whenifhow · 2 replies · 204+ views
    http://www.housingwire.com ^ | May 7th, 2010 | DIANA GOLOBAY
    The US Senate added several amendments to S 3217, the Restoring American Financial Stability Act, that raise the deposit insurance fees levied on some banks and provide greater authority and protection in the financial markets. As Congress continues to review financial regulatory reform amendments, certain other proposals are being left on the cutting room floor. The Senate resumed consideration of the bill this week — adding a handful of amendments — after Senate Republicans blocked debate for several days. Senators passed an amendment Thursday that requires the Federal Deposit Insurance Corp. (FDIC) to alter its definition of the assessment base...
  • On The Ropes: Kanjorski Scolded on CNBC Says Fannie/Freddie Reform “Too Complicated”

    05/11/2010 6:55:19 PM PDT · by TheNewPundit · 1 replies · 341+ views
    I'm A Pundit Too ^ | 5/11/2010 | Doug Ragan
    May 11, 2010 From the Committee on Financial Services Despite the memo-writing efforts of Chairman Frank to drown out the calls for housing finance reform in the financial regulatory reform bill, nobody’s buying the Democrats’ spin. Just ask Rep. Paul Kanjorski – the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises – who had a tough morning trying to defend the two GSEs that were one of the root causes of the crisis. As the guest host on CNBC’s Squawk Box, Kanjorski was berated by the on-air editor Rick Santelli, who shared a...
  • FINANCIAL REFORM BILL: DOESN'T ADDRESS ROOT CAUSES OF MELTDOWN, MASKS GOVERNMENT INEPTNESS

    05/07/2010 1:54:46 PM PDT · by TheFreedomPoster · 4 replies · 165+ views
    Red County ^ | May 7, 2010 | Matthew Burke
    Here we go again! Once again Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are left out of the new 1,400 page Financial Reform bill currently before the U. S. Senate...
  • A Fannie Mae Political Reckoning

    05/06/2010 6:45:02 AM PDT · by throwback · 9 replies · 414+ views
    WSJ ^ | MAY 6, 2010 | Editorial
    One sign that the White House financial reform is less potent than its advertising claims is that it doesn't even attempt to reform the two companies at the heart of the housing mania and panic, Fannie Mae and Freddie Mac. So we're glad to see that yesterday GOP Senators John McCain, Richard Shelby and Judd Gregg introduced a Fan and Fred reform amendment that will let Democrats show if they're serious about reducing reckless lending and taxpayer risk. The Financial Crisis Inquiry Commission spent yesterday focusing on financial "leverage," using Bear Stearns as an example. But Fannie and Freddie were...
  • Why We Need Fed Transparency

    05/03/2010 6:44:31 PM PDT · by blueyon · 2 replies · 334+ views
    market watch ^ | 5/03/10 | y Karl Denninger
    Let's face the now-documented facts: The Fed knew about the housing bubble, and both Alan Greenspan and BEN BERNANKE intentionally suppressed any public discussion of same by The Fed. This isn't conjecture any longer, and we can no longer believe that there was any sort of mistake involved here, nor a difference of opinion. As disclosed from the Fed Minutes (the real ones, transcripts, not the abbreviated cheat sheets) and as now written about on Huffington Post, we have a problem here with credibility - and intentional misdirection: "We run the risk, by laying out the pros and cons of...
  • Does Financial Reform = Checkbook Tax?

    05/01/2010 1:50:27 PM PDT · by ConservativeHideout · 8 replies · 414+ views
    Conservative Hideout 2.0 ^ | 5-1-10 | John Carey
    In my last post I told people to keep their eye on this financial reform bill. That the recently passed immigration law in Arizona is being used by Democrats as a distraction to avert the public’s attention from what the left hand is doing in Washington DC. Of course I am talking about the financial reform bill that up until today Republicans were engaging in a filibuster to block opening up debate on the Senate floor. They have now decided to end their filibuster and allow debate on the bill to take place. There are many reasons why this bill...
  • Congressman Waxman sneaks anti-vitamin amendment into Wall Street reform bill

    05/01/2010 8:31:43 AM PDT · by truthfinder9 · 58 replies · 1,811+ views
    Natural News ^ | Mike Adams
    Mike Adams Natural News April 30, 2010 Of all the sneaky tactics practiced in Washington D.C., this recent action by Congressman Henry Waxman (D-CA) is one of the most insidious: While no one was looking, he injected amendment language into the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) that would expand the powers of the FTC (not the FDA, but the FTC) to terrorize nutritional supplement companies by greatly expanding the power of the FTC to make its own laws that target dietary supplement companies. Congressman Henry Waxman wants to give the FTC even more powers...
  • America’s Bloodless Coup d’etat!

    05/01/2010 7:14:47 AM PDT · by opentalk · 31 replies · 1,324+ views
    canada freepress ^ | April 30, 2010 | Ron Ewart
    Nationalized the banks and the car companies, Nationalized the entire health care industry, Taken control of all American land And it came to pass, on the 4th day of November, in the year of Our Lord 2008, a cabal of devious con men were elevated to power over all the people. Behind closed doors, under the cover of night and the veil of deceit, aided and abetted by a willing majority in a spineless Congress, most of academia and the lion’s share of the news media, they plotted the overthrow of a once-free America, from within. Using the crises of...
  • Bailouts for Dummies! Democrats Bank Bailout Bill Does Nothing to Solve the Problem - Video

    04/29/2010 9:36:43 AM PDT · by maggiesnotebook · 1 replies · 93+ views
    The Heritage Foundation ^ | April 29, 2010 | The Lonely Conservative
    The Democrats, led by Barack Obama, are in full court press mode against the banks and Wall Street. Why? They get a ton of dough from Wall Street. Why are they vilifying them? Because – it’s politics. They want you to think they’re on your side. But they aren’t. They’re on the side of the big banks, the huge financial institutions.
  • SEC porn scandal takes heat off Congress

    04/28/2010 1:29:17 PM PDT · by La Enchiladita · 16 replies · 400+ views
    L.A. Times ^ | April 27, 2010 | Michael Hiltzik
    As I write, our nation is still buzzing about the news flash that finally delivered the truth about why our economy melted down without word one from our crack government regulators. You know what I'm talking about. Yes, it's the great SEC porn scandal. Last week, a new memo surfaced from the Securities and Exchange Commission's inspector general stating it had investigated dozens of agency staffers, including supervisors, for surfing the Web for dirty pictures with their government computers and during work hours. The investigations dated back at least to 2008 and targeted some employees with truly heroic habits —...
  • GOP Financial Reform Plan Addresses Freddie Mac, Fannie Mae

    04/28/2010 6:35:33 AM PDT · by Slyscribe · 16 replies · 473+ views
    IBD's Capital Hill ^ | 4/27/2010 | David Hogberg
    After the Senate GOP filibustered financial regulatory reform Monday, IBD suggested the issue might not be hurting Republicans. Senate Majority Leader Harry Reid, D-Nev., called another vote Tuesday, hoping to keep the pressure on, but Republicans were unfazed. The result was the same: 57-41 (3 votes shy of the 60 needed) with Sen. Ben Nelson, D-Neb., staying in the “no” column. Senate Republicans can play offense as well as defense. They released a summary of their own financial regulatory reform Tuesday, covering much of the same ground as the Democrats. But the GOP plan also addresses Fannie Mae(FNM) and Freddie...
  • Regulatory Stooges (Financial Reform courtesy of Curly, Larry and Moe)

    04/28/2010 6:27:06 AM PDT · by SeekAndFind · 2 replies · 125+ views
    Asia Times ^ | 04/28/2010 | Martin Hutchinson
    Banking lobbyists must be dizzy right now. In the United States, they face regulation from Senator Chris Dodd's banking committee and a draconian proposal on derivatives from Senator Blanche Lincoln's Agriculture Committee. In Britain, each of the three parties contesting the current election has different ideas on how to regulate banks, but they're all agreed that something must be done. The IMF has proposed two different bank taxes. The Group of 20 finance ministers who met over the weekend may come up with another proposal. Finally, the US Securities and Exchange Commission has filed a civil fraud suit against Goldman...
  • Obama's regulatory disaster: Putting the smackdown on banks will further harm the economy

    04/28/2010 5:07:51 AM PDT · by JohnRLott · 6 replies · 291+ views
    Washington Times ^ | April 28, 2010 | Editorial
    President Obama rails against Wall Street to score populist political points. But when the smoke clears from all the demagoguery, the financial regulations he is pushing will result in fewer loans, more costly credit and individuals facing more risk. Contrary to the president's talking points, the proposed regulations will not prevent "a second Great Depression." In fact, the problems that created America's recent financial troubles have been ignored in pending legislation. Nothing is being done to reform government-backed lenders Fannie Mae and Freddie Mac despite their history of fraud and responsibility for taxpayers being saddled with $400 billion in bailouts....
  • Blankfein supports financial reform legislation

    04/27/2010 11:18:26 PM PDT · by CutePuppy · 4 replies · 300+ views
    The Hill ^ | April 28, 2010 | Vicki Needham
    A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs. I'm generally supportive, Blankfein told the Senate Permanent Subcommittee on Investigations. Wall Street will benefit from the bill because it will make the market safer, Blankfein said.The biggest beneficiary of reform is Wall Street itself, he said. The biggest risk is risk financial institutions have with each other. American consumers also would benefit from better regulations, he said. Blankfein said he didn't know all the bill's details and couldn't speak to provisions that affect community and consumer...
  • It's No Accident -- Why Goldman's Suddenly Getting Grilled

    04/27/2010 6:36:42 PM PDT · by Ernest_at_the_Beach · 35 replies · 915+ views
    FOXNews ^ | April 27, 2010 | Andrea Tantaros - FOXNews.com
    Presidents are always in need of enemies. Obama has the Tea Party movement, and Wall Street – and he is using Wall Street, namely Goldman, as a paper tiger to help build support for financial reform.While they still have total control of Washington, the Obama administration and congressional Democrats have been working feverishly to pass a financial regulatory reform bill that would give the federal government expanded powers over Wall Street. At the same time, the Securities and Exchange Commission (SEC) has launched an investigation into Goldman Sachs and one of its vice presidents for defrauding investors by misstating and...
  • U.S. signs on for global bank regulation

    04/27/2010 4:34:31 PM PDT · by Whenifhow · 11 replies · 662+ views
    ObamaWatchNews ^ | 4-26-2010 | The One in Economy
    Apparently not satisfied with Congress’ attempts at financial reform, Treasury Secretary Tim Geithner is pressing for more international law — and fast. The US is preparing to pivot from domestic regulatory reform to a push for a tough new international capital regime after the weekend’s G20 and International Monetary Fund meetings glossed over differences between leading economies. Tim Geithner, US Treasury secretary, met Mario Draghi, chairman of the Financial Stability Board, on Sunday to discuss the contours of a system that would decide the safety and profitability of banks for decades to come and could eclipse the arguments over bank...
  • A Couple of Reasons Why Financial Reform Is a Load of Crap VIDEO

    04/26/2010 8:50:47 PM PDT · by nysuperdoodle · 2 replies · 210+ views
    ECR ^ | 26 Apr 10 | EC
    Thankfully the Senate voted down Obama's financial reform bill today, but is it dead yet? Probably not. That being the case, let's take a quick look at a few reasons why Obama's financial reform is a load of crap.
  • Is Financial Reform Hurting The GOP?

    04/26/2010 3:55:55 PM PDT · by Slyscribe · 33 replies · 799+ views
    IBD's Capital Hill ^ | 4/26/2010 | David Hogberg
    Senate Majority Leader Harry Reid, D-Nev., couldn’t come up with the votes to break a filibuster on the financial regulatory bill today. Indeed, Nebraska Democrat Ben Nelson joined a united GOP in opposition. So it’s worth asking whether this issue really is harming Republicans much at all. Last week IBD reported that Democrats seemed to be enjoying some success with the issue of financial regulatory reform lately, especially after the SEC charged Goldman Sachs (GS) with fraud. Of course, Republicans may be holding out with the expectation of getting to vote for a compromise bill sometime in the near future.