Fantastic fuming by David Reilly, a Bloomberg reporter:
I quickly discovered why members of Congress rarely read legislation like this. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog. And yes, I plowed through all those pages. (Memo to Chairman Frank: “ystem” at line 14, page 258 is missing the first “s”.)
The reading was especially painful since this reform sausage is stuffed with more gristle than meat. At least, that is, if you are a taxpayer hoping the bailout train is coming to a halt.
[...] Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
Check out the entire article at Bloomberg.
WOW…
We need to start taking notes from the iranians
Iranians = Heroes
US = Fucking Cowards who won’t stand up for themselves while the people get looted.
How does this sleazy ignorant pervert get re elected?
Geez, that won’t be enough. Better make it an even 5 trillion at least.
#5 He’s from Massachusetts. We’ll vote for anyone that says they’re a democrat… no questions asked.
Again we see who the masters of the Obama Administration really are.
#5 – Change you can believe in…
@ Breetai #1
No you have it wrong, you see the Iranians standing up to their government and showing their displeasure in such a manner is good according to the PTB.
But if Americans got tired of the corrupt fascist system we have and tried something similar, it would be considered treasonous, racist etc..by the PTB.
Remember the last uprising in Iran. When the PTB were applauding the sue of twitter to foment in it? Remember what happened to the couple of individuals who were organizing protesters at the G20 summit in Philly using twitter? They are in jail.
So you see the current regime in the US of A wants regime change in Iran, so violence against a government is good. I doubt they would give the same response when people here express displeasure.
The right wing nuts are at it again. There is nothing in the bill about GIVING the banks anything. Its really too bad some people can’t read. It’s a true shame that so many can’t think either.
#8. Why is it you always defend this degenerate Piece Of Shit? Do you think that by using the term “right wing nut” you accomplish anything? What an ass.
Birds of a feather I presume. You disgust me. No more bailouts for the failures…thats it.
#8:
“There is nothing in the bill about GIVING the banks anything.”
Well, yeah, not unless they *ask* for it. Which is different.
Insuring the financial system makes sense to me. It’s the underpinning of the economy.
By the way…
(1) provisions for any bailout call for a 99% guaranteed payback
(2) it still has to be approved by Congress
(3) banks have already paid back the government – with interest
(4) this ‘news’ took place in early November.
(5) you should avoid commenting on things that are way over your head. Maybe football or golf.
#8 I’d be more impressed if I thought you had actually looked.
I’d be even more impressed if I didn’t think you were delusional.
For example you like the Senate health care bill even though the public has been sold out to every special interest group imaginable. There is no tort reform. Pharma and the Insurance Companies are free to over charge to their hearts content. One entire state gets a free pass while the governors of several states have said there is no way they can come up with the money to cover their mandated share of the bill. Medicare Doctors are supposed to take a 20% pay cut and stay at that point for ten years which suggests they will drop Medicare Patients like hot rocks or the entire thing was total BS from the beginning.
The financing in the bill is a Ponzi scheme that would have shamed Burnie Madoff. The only way it even starts to work is if you make fantastic assumptions nobody sane would ever count on happening.
The list of things seriously wrong with the Bill is so long I don’t even want to waste the time trying to keyboard even the ones I know about in. Just thinking about it is depressing.
Happy New Year.
Guarantees for mistakes, are guarantees that there will be mistakes.
This is the world’s largest Dump-then-Pump (ie reverse Pump-and-Dump) swindle ever engineered. The bank only have to claim their assets (loans) have no value, their stock price then tumbles (after they’ve sold), the government backs the bad loans so that the banks can’t lose money, and the banks buy back their stocks before they recover their previous share price. Didn’t JCD explain this on No Adgenda?
We should let the banks fail, after I’ve converted my savings to gold.
Hey Fusion, Dallas, Obamapologistforever,
I want you to read my link in post #5 and hear your winy little excuses when the truth smacks you upside your knotty little heads.
Still Waiting….
Oh, and if you see Matt Taibbi board your flight, get off.
Fusion, Dallas, Obamapologistforever.
Yea, I thought so.
Interesting how you Obama-haters would rather see this country in a 30-year depression than try to prevent one from happening. We are FAR better off right now after the bailouts than we would be had the banks been allowed to fail. The banks are paying off those bailouts, something you seem to deny for some reason. The economy has not bounced back fully yet, that will take a while since those credit default swaps almost caused the entire planet’s banking system to collapse.
The fact the Republicans let the banks get into the position of needing bailouts in the first place, by means of credit default swaps, which were illegal up until the Bush administration is just totally repulsive to me. They would rather have seen the country go into a depression so they could blame it on Obama, than try to fix it themselves.
OMG, so they’re actually planning the next crisis. I wonder how long they’ll hold off before cashing in on that one. I just can’t get over how blatantly and shamelessly these politicians sell out. Anarchy would be preferable to a pseudo democracy completely tuned to the needs of the richest and most influential. Yep got plenty of money to ‘bailout’(subsidize is the proper name) these people, but no social medicine for the poor.
I reiterate,
it’s not too late,
to emigrate.
No new law, regulation, bill, etc, should ever exceed 1 page of double spaced standard type. If it’s longer than that, it obviously contains bullshit and loopholes..