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Canuck57[_9_]

On 19/04/2010 6:17 PM, wrote:
On Mon, 19 Apr 2010 18:43:40 -0500, "Peter (Yes, that one)"
wrote:

In ,
says...

guess you didn't read about his stripping of the SEC of the capability
to regulate derivatives

guess what a major cause of the financial m eltdown was?

I was looking about a bit for information on the current financial
reform bill under consideration amidst the usual partisan bickering, and
came across a couple things that I found interesting.

1. Obama has said he will veto any bill that does not regulate
derivatives.
I'm not sure the current bill does, and some commentary suggest that it
doe not, and strongly criticize it for that reason.
Why is that?
Democrats control that legislation.
It seems that those who are serious about regulation that will prevent
the bilking of America, as recently happened, say that is a necessity.
Are some of the Democrats writing this bill still in the Wall Street
pocket? Will Obama get his way, veto, or cave in?
It will be interesting to see.

2. The $50 billion bank financed fund to handle bank failures is the
rallying point for Republican opposition to the bill.
Mitch McConnell harps on that incessantly.
And I happen to agree that fund is a bad idea.
Well, Obama and Dodd both say it can be dropped from the legislation.
But here's the kicker.
That fund was put in at Republican insistence during the bipartisan
negotiations as the the bill was first constructed!
This so reminds me of those customers who insist on wearing a too-small
shoe against my very strong advice, and then blame me for causing them
foot ailments!
It has never been more clear to me that I am in the right business to
understand human nature.
Perhaps it would be a good idea to make at least 3 years of retail shoe
sales a prerequisite for becoming a member of Congress.
I really think things would run more smoothly then.

Peter

I agree the GOP is shooting themselves in the foot with a machine gun
right now. They had the chance to get out in front of this while
everyone was looking at health care and they screwed the pooch. Now
they either have to back Obama's plan or just look stupid. I said a
few days ago, they seem destined to snatch defeat from the jaws of
victory.
It is clear there will be some regulation coming but I fear the
weasels will find loopholes faster than they can write the bill. If
Obama uses the same logic he used on health care he will have wall
street lobbyists writing the deregulation bill.
I also find it amusing that bank whore Dodd is out there acting like
he is the regulator in chief. He has been pimping for banks and
insurance companies for three and a half decades

My suggestion is that you make sure your 401K and IRAs have a
signifigant asset base outside of the USA. Because at this point the
future of the USD looks pretty shakey.

--
Time to ask, is our government serving us or are we serving the government?

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