On Mon, 25 Jan 2010 00:16:15 -0500, wrote:

On Sun, 24 Jan 2010 19:10:32 -0500, bpuharic wrote:

I am talking about The Commodity Futures Modernization Act of 2000
that repealed the bucket shop laws and allowed CDOs
The house voted 292-60 (9 democrats said no) and the senate gave it
unanimous consent
The democrats are neck deep in that **** hole. You can go look at the
vote if you want http://clerk.house.gov/evs/2000/roll603.xml

funny that the person most instrumental in the CFMA was...phil gramm.
the bill, as originally written, allowed the SEC to regulate swaps and
allowed the CFTC to regulate certain bank financial products

gramm, at the best of enron, etc., held up passage of the bill until
these provisions were stripped from the bill...essentially allowing
the bank robbers to guard the bank.


"Statement by Treasury Secretary Lawrence H. Summers” (“We are pleased
with the agreement reached last night on over-the-counter derivatives.
We hope that Congress will now pass this important legislation that
will allow the United States to maintain its competitive position in
this rapidly growing sector by providing legal certainty and promoting
innovation, transparency and efficiency in our financial markets.”)

i guess you really didn't read what i wrote

there was an original bill that provided protections by regulating
commodities, CDO's etc.

gramm wouldn't let this bill pass, in the same way that the GOP today
is waging class warfare on health

he held up the bill until the govt regulations were stripped and no
protection was left

THEN the bill was passed.