GOP Senators united in opposition to current financial reform bill

UPDATE BELOW

Does that headline from CNN scare the hell out of you?  If it doesn’t then you haven’t been paying attention. The GOP doesn’t want financial reform or financial regulation.  They want to risk the same disaster that nearly brought this nation to its knees in late 2008.

Why? Because they are shills of Wall Street Banks.  Period. There is no other explanation. Don’t try to find one.  Repeat: they are shills of Wall Street Banks- all six of them.

Read the book, 13 Banks by Johnson and Kwak.  It is a terribly frightening essay about how the next melt down is primed to happen soon and very soon.  Apocalyptic.

The authors were on Bill Moyers Journal and presented a stark story of what could be the absolute worst disaster our nation will ever face- the complete meltdown of our entire financial system.  And, as the CNN title above suggests, the GOP will be active participants in that failure.

Read the chilling interview with the authors and then try to justify the GOP’s blockage of  financial reform.  Those 41 senators are co-conspirators in the devolution of this nation.  They ought to be arrested and tried for treason.

UPDATE

It is to be noted that the strongest ‘objection’ to the bill by the GOP is language that sets aside $50 bn for ‘bail-outs’ of these banks. ‘Bail-outs’ is the term that minority leader McConnell used because he knows that middle America detested the first set of bail-outs back in late 2008.

However, the bill would establish a $50 billion “orderly liquidation fund,” financed by assessments on “systemically important” financial institutions, as well as banks with at least $50 billion in assets.

Thus, it is not a tax-payer bail out at all, but McConnell chose that one item in the bill to demagogue the entire measure to rein-in Wall Street.

In today’s weekly address, President Obama called out McConnell and said, “… the Republican leader is being duplicitous, and said Mr. McConnell had met recently with two dozen top Wall Street executives to talk about “how to block progress” on the bill.

“Lo and behold, when he returned to Washington, the Senate Republican leader came out against the common-sense reforms we’ve proposed,” Mr. Obama said. “In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts — when he knows that it would do just the opposite.”

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8 thoughts on “GOP Senators united in opposition to current financial reform bill

  1. Thanks for the heads-up.

    I’ve been reporting the same at my site.

    And I’m reading the book.

    Again, thanks!

    S

    There is no other explanation. Don’t try to find one.
    ______________

  2. Interesting, the BBC is talking about the Fraud allegations against Goldman-Sachs, yet the US Mass Distraction Media discusses the insane concept of fighting financial regulation. Worse, the tea party crowd wants to keep government out of the public sector.

    Will the tea partiers give up their Social Security for a private pension?

  3. Suzan- thanks for the comment. I added your great blog to my list of links.

    Laci- yes the Goldman-Sachs fraud allegations- as if we didn’t already suspect such, eh? And who in Goldman will serve jail time? Not the CEO nor anybody at the top of the corporation because ‘they didn’t know’ what was going on. Assumed idiocy at the top levels. Rather, some middle-management chump will take the rap because ‘he should have known…’

    All of the Wall Street Banker CEO’s who ‘testified’ on Capitol Hill excused themselves of blame because they ‘didn’t know’ what was going on below them. And, technically, they didn’t [and there’s their immunity to prosecution].

    Nice set-up and a golden parachute too boot!

  4. Oh, I have to summarise and repeat my comments from the tea drinker post:

    Both the fractional reserve banking system is based and the stock system of raising capital are based upon debt. There is no real incentive for change since that would lead to a total shake up of the status quo. Hence, “reform” or some form of regulation to make sure the economy doesn’t get shaken up as much as it has these last few downturns.

    There is no real incentive from either republicans or democrats for any real change. The tea party crowd is too ignorant to realise they are being played to blame the government rather than the business interests that control them or they would be screaming for real change.

    They might even become socialists!

  5. The tea party crowd is too ignorant to realise they are being played to blame the government…

    Yes indeed. Our history books detail the many times that the masses were tapped by the oligarchs to be their blating sheep in society. Today’s Tea Party is but the most recent [and one of the most blatant]. The ignorant masses shouting the words programmed for them by the oligarchy.

  6. Wall Street – and thus the Banks – thanks to hedge funds and the repeal of Glass Steagel. Has turned the entire economy into one giant “Pump and Dump” scam.

    Essentially these top bank officers are no longer acting as bank executives, but are acting as fraudulent stock brokers – collecting their fees off the top – Both on the way up, and on the way down, in this giant pump and dump scam. Without regulation and some kind of monopoly busting restraints, Wall Street is essentially a giant “Boiler Room” with the American People as the Patsy.

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