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Brain -> Democrats (Chris Dodd) compromise away teeth of finance reform (3/10/2010 11:21:29 PM)
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The financial system is in business for itself. And the banking industry, whether it makes or loses money for its clients, they make money mainly for themselves, banks and investment companies.
Democrats (Chris Dodd) compromise away teeth of finance reform
http://www.msnbc.msn.com/id/26315908/#35807425
All You Really Need To Know About Banking Reform
Financial reform, as it is called, shouldn't be all that complicated. Break up the banks deemed "too big to fail," since that offends any possibility of market discipline and puts taxpayers on the hook for future bailouts. Crack down on gambling with other peoples' money in the financial casino. Give consumers a cop on the beat to protect them from the cons and frauds. Tax the big guys to get our money back. Outlaw compensation schemes that give million dollar incentives to make risky bets.
But, of course, finance is its own world, with its own patois, ethos and interests. And banks and regulators have a strong interest in making this stuff complicated. So the debate turns to the intricacies of trading derivatives on an exchange, resolution authority, credit default swaps, policing "systemic risk." For most Americans, the eyes glaze over, and they reach for the remote. That leaves legislators free to deal with the banking lobby and the regulators mobilized to protect their interests and turf. With the White House still focused on passing health care, and Finance Committee Chair Senator Dodd replaying a poor man's version of the bipartisan farce that Max Baucus staged on health care, wasting time in backrooms trying to seduce a couple of reluctant Republicans, it is no surprise that reform isn't going so well.
If the Senate isn't prepared to give consumers an independent cop on the beat, if it isn't prepared to break up banks that taxpayers will have to bail out, if it isn't even willing to require that your stock broker act in your best interests -- then raise bloody hell. Take down names and mobilize.
Check out Americans for Financial Reform Come to the Campaign for America's Future,. We'll track the debate and provide a chart on who stands with you and who stands with the banks, with links on how to call them.
http://www.huffingtonpost.com/robert-l-borosage/all-you-really-need-to-kn_b_493195.html
Michael Moore joins Rachel Maddow
http://www.msnbc.msn.com/id/26315908/#35807300
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