Share on Google Plus Share on Twitter 2 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 5 (8 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   2 comments

OpEdNews Op Eds

This So-Called "Banking Reform" Bill

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): , Add Tags Add to My Group(s)

Must Read 3   Well Said 1   News 1  
View Ratings | Rate It

opednews.com Headlined to H2 6/27/10

Become a Fan
  (118 fans)
- Advertisement -

Nearly two years after the American financial system teetered on the edge of a great Republican depression, Congressional lawmakers have come to an agreement early Friday morning to reconcile competing versions of the the bill in the biggest overhaul of financial regulations since the last Republican Great Depression.

Big banks won big in this, as they can continue investing a significant amount of equity in hedge funds. The banks lost when it comes to speculative trades with their capital, although there are some loopholes that may turn into truck routes.

The bottom line seems that, much like the so-called health insurance reform, there are a few really good bones in here thrown to consumers but the power, wealth, and monopoly of the big banks that, as Senator Byron Dorgan said of the US Senate, "They own this place," continue to own the Senate as well as you and me.
- Advertisement -

There are no efforts whatsoever in the bill to do the single most important thing necessary to return competition to banking and prevent another economic collapse - that being breaking up the too-big-to-fail banking institutions and require banks to just be banks instead of bank/casino hybrids.

Just like the so-called "health insurance reform" will actually give more power and money to the dozen or so monopoly US for-profit health insurance blood sucking leeches...er...corporations and their CEOs, this so-called "banking reform" bill will give more power and money to the half-dozen largest and monopolistic US banks and keep the billion-dollar bonus paydays coming to their CEOs and senior executives and traders
- Advertisement -

 

http://www.thomhartmann.com

Thom Hartmann is a Project Censored Award-winning New York Times best-selling author, and host of a nationally syndicated daily progressive talk program on the Air America Radio Network, live noon-3 PM ET. www.thomhartmann.com His most recent books are "The Last Hours of Ancient Sunlight," "Unequal Protection: The Rise of Corporate Dominance and the Theft of Human Rights," "We The People," "What Would Jefferson Do?," "Screwed: The Undeclared War (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
Related Topic(s): , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

S&P Blames Republicans, Mainstream Media Fails to Report It

Globalization Is Killing The Globe: Return to Local Economies

The Great Tax Con Job

The Truth about the Trust Fund-- Destroying Social Security to Destroy the Two Party System

The Deciding Moment: The Theft of Human Right

Healthcare: First They Came for the Banksters

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
2 people are discussing this page, with 2 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

As usual the dice are loaded and the banks can con... by Marika on Sunday, Jun 27, 2010 at 12:41:24 PM
I wouldn't judge the bill until you have specific ... by Liberty Bell on Monday, Jun 28, 2010 at 1:10:20 PM