TYT: Financial Reform Bill is a Joke -- Economic Collapse Coming

[Bullet1987]

Run time: 10:37 https://www.youtube.com/watch?v=aSbrslUI63s   Posted on YouTube: May 25, 2010 By YouTube Member: TheYoungTurks Views on YouTube: 301   Posted on DU: May 25, 2010 By DU Member: Bullet1987 Views on DU: 3273

 
Supposedly this "reform" bill is weaker than healthcare "reform."

[Donnachaidh]

1. CHANGE WE CAN BELIEVE IN?

:rofl:

Welcome to the neo-feudal society YOU voted for!

[icee]

2. Going forward, this will increase the wealth of the rich and destroy

what's left of the middle class. Are we getting close to 2012 yet. Hope so, before we have no country at all.

[florida08]

3. I really hate being lied to

we've been tossed aside like an old shoe.

[spiritual_gunfighter]

4. I am wondering now if 2012 is going to be like 1980

With a liberal candidate challenging President Obama for the nomination. I still am doubtful that it is going to happen but for the first time I am hoping it is true so I can vote for them. I am done.

[Dinger]

13. Me Too

You said it, concise and to the point. I'm starting to wonder id the Es&S & DIEbold thing is why there seem to be "no worries" for 2012. Not to worry . . . Let them eat cake . . .

[Cowpunk]

15. I think Michael Moore might have a big enough ego to run against Obama

Things would have to look really desperate for him to do it, though.

[StevieM]

26. I seriously doubt that. If you look at Obama's accomplishments I think they give good reason to

believe that he will be renominated and re-elected. He's given us two great Supreme Court Justices, passed a stimulus bill, passed historic health care reform and many other items.

Why is there reason to believe that a liberal candidate would succeed in bloodying an incumbent president who finally got health care reform done? And as for the GE, Obama has pretty good approval numbers now, especially given the state of the economy. I think he'll be fine in 2012, especially given the lousy state of the GOP.

For the record, I wasn't always Obama's biggest fan. I didn't vote for him in the 08 primaries (and I don't regret it) and at the time of the GE I said that I already planned on voting against him in the 2012 Primaries. But I think he's done a good job under difficult circumstances.

Steve

[liberation]

5. If they have lost Cenk, they are in trouble.

[civilisation]

14. The same you can belive in,. . or more correctly expect!

Yeah, I must agree. I can see a large number of Obama supporters slowly realizing that they have been supporting more of the same,. Actions speak much louder than nice uplifting speeches, and claims of great effort,. with zero (0) results. The RULERS are still in control,. only the face of power has changed,. and that face is not the real source of the power. Don't look behind the curtain,. the WIZard is not who you think!

[DrDan]

6. is there anything good in this "sweeping financial reform"? Anything at all?

sure doesn't sound like it

[gorfle]

7. What a disaster. The Corporations have won.

Money is what rules this country now.

[tomp]

22. Now? where have you been? nt

[dixiegrrrrl]

8. Remember those turkeys behind Palin in that famous news conference?

That's us.

We have just been told there is no reason to believe in the banks at all.
Big or little, if this bill goes thru, our money in banks, retirement funds, etc. can be used for their profit and they can gamble it all away.

[bertman]

18. OMG!!! The Palin Turkey Snuff Flick!!

:woohoo: :woohoo:


Dixiegrrrrl, that was a seriously great analogy. And you are right about our funds.

We are SO Screwn.

[Kweli4Real]

9. Something I don't understand ...

Why exactly is congress' watering down the bill, President Obama's fault? He can talk to congress ... even bully congress; but congress is the party that writes the bills. And therefore, they are the parties that should be blamed for what the bill looks like.

Or am I missing something?

[liberation]

12. Obama, being president, is also seen as the defacto leader of the Dems in the hill

It comes with the territory, you know... the buck stopping at his desk and al.

[waiting for hope]

16. He also has the power to veto -

and Bush left him a nice little present, he could just put a signing statement on it to make it more rigid and no one would bat an eye .. but the corporate overloads may.

[20score]

10. I'm mad, but not at all surprised.

[JDPriestly]

11. Excellent!

[ProSense]

17. The bill is not a joke. Cenk doesn't know what he's talking about

The two measures, included in the Senate bill passed last week, take direct aim at some of the more risky -- and profitable -- parts of banks' business.

One proposal would require financial firms to spin off their trading desks that deal in derivatives.

The other -- dubbed the Volcker Rule for its proponent, former Federal Reserve Chairman Paul Volcker -- would ban banks from wagering with the firm's own money, what the industry calls "proprietary trading." Firms would also be restricted from investing in or sponsoring private-equity funds or hedge funds.

The restrictions, if included in the final bill, would hit bank profits.

link

The Senate version of financial regulation hits Wall Street harder than expected, with some analysts estimating it could cut the profits of major financial institutions by roughly 20%.

Critics of a comparable bill that passed the House in December said the Senate version has fewer escape routes and exceptions that leave room for Wall Street firms to work around new restrictions on their riskiest activities.

link

Robert Reich

Case in point: The measure in the banking bill that would force banks to push their derivative trading into separate units rather than rely on tax-payer subsidized insured deposits. For reasons I’ve already stated, the measure is common sensical.

Wall Street hates it because it would cost it billions.

[bertman]

19. Oh, the Volcker Rule. You mean the one the Senate was not allowed to vote on??

[ProSense]

20. No, the one that's in the bill. n/t

[truth2power]

30. I think he DOES know what he's talking about...Here's my cursory look

at what he said. I need to run down some of the articles he was referring to, e.g., Michael Hirsh, Newsweek.


Loopholes:

No wall between commercial and investment banks continues.
No financial transaction tax (as in Europe).
No "to big to fail" breakup.
Banks run their own clearinghouses.
Exempt most derivatives trading from open view.
etc.

Doesn't sound like financial reform to me.

[OhioChick]

21. K&R n/t

[ProSense]

23. "the most profound restructuring of financial regulation since the Great Depression"

Reinventing financial regulation

The landmark legislation approved by the Senate on Thursday evening represents the most profound restructuring of financial regulation since the Great Depression. Here are some of the highlights of the bill, which was born out of the wreckage of the recent financial crisis, and the problems it is designed to address.

[Mosaic]

24. The truth is coming out

Wall Street 'Popping Champagne' Over Watered-Down Financial Reform Bill (VIDEO)

http://www.huffingtonpost.com/2010/05/25/wall-street-popping-champ_n_589323.html

[skeptical cynic]

25. Don't expect any meaningful reform

Not healthcare
Not financial
Not campaign finance

Look closely. When Washington speaks, you can see Wall Street's lips moving.

[ScottLand]

27. United Suckers of America are we.

[florida08]

28. Here's a good explanation

on the difference between the Senate and the House with background on what's happening with both.

http://industry.bnet.com/financial-services/10009646/financial-reform-scorecard-flash-points-divide-house-senate-bills/

edit to add:
What will Wall Street look like next year

http://roomfordebate.blogs.nytimes.com/2010/05/21/what-will-wall-street-look-like-next-year/

[dionysus]

29. Cenk of the fisher price TV Studio Playset? i'm dashed.

[ihavenobias]

32. I'm so glad you left that comment

First, I would point out that I hate our set and want to change it. With that said I'm sure you'll just love the fact that Dylan Ratigan is hosting the show on the "fisher price" set tomorrow:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x468758

Next time try making a substantive point about the content instead of taking a cheap jab.

[Name removed]

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