Wasting no time to empower the banks

Discussion in 'Economics' started by Covertibility, Nov 4, 2010.

  1. Rep Spencer Bachus (R-Alabama) Plots to Weaken Financial Regulation, Strengthen Banks

    Spencer Bachus, a potential Republican chairman of the House financial services committee, has fired the first salvo in a battle with regulators – warning them against harming US banks by curbing their trading activity. [...]

    Underlining the change in Congress, Mr Bachus, who as ranking Republican on the committee could replace Barney Frank as chairman of the panel, expressed concern that shareholders of Goldman Sachs and JPMorgan Chase will be hurt because the banks will be less profitable. [...]

    “The derivatives provisions in Dodd-Frank alone… as they stand now they’re going to take a trillion dollars out of our economy. Think how many jobs that’s going to kill,” he said.


    How exactly does the Dodd-Frank bill take trillions out of the economy?

    And of course, the corporate socialist Boehner from Ohio:

    The Road Ahead Turns Right

    “When it comes to the financial services bill and the 358 regulatory filings required under that bill,” Mr. Boehner said, “it’s going to require a significant amount of oversight — so that not only will the Congress understand, but the American people will understand, just what this bill will do to our financial services industry.” The Republicans will also most likely seek changes to the Consumer Financial Protection Bureau, which they believe was given too much power.


    The road does indeed turn right, right back into the ditch. At some point, although not anytime soon, the average person will realize voting republican is against their best interests.