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View Full Version : There’s something absolutely insane happening in the House Right Now.



Cigar
10-30-2013, 10:36 AM
To fully appreciate said insanity, we have to take an unpleasant but brief trip down memory lane — back to the darkest days of the 2008 financial crisis. Insurance giant American International Group (AIG) was on the verge of collapse, and the U.S. government stepped in with an $85 billion bailout. The risky behavior that drove AIG to the brink was largely fueled by a financial instrument known as derivatives trading.

In the wake of the financial crisis, many people were less than enthusiastic about the prospect of footing a multi-billion dollar bill every time Wall St. gambled its way into a corner. So, when Congress passed a new set of financial regulations known as Dodd-Frank in 2010, it included a provision that required banks to conduct some forms of derivatives trading in a more isolated way to reduce risk and make government bailouts less likely. Many reform advocates would have preferred much stronger protections, but given the $12.4 million in campaign contributions and $105 million in lobbying expenditures by Wall St. industry groups attempting to influence the law, it was certainly better than nothing.

Now, the House is scheduled to vote on a bill that would roll back these derivative regulations and let banks go back to the same set of rules that let them break the economy in the first place. This brings us to insane part: According to the New York Times, the bill is currently enjoying “broad bipartisan support” in the House. So, why is it that both parties have found a way to agree on a substantive regulatory change at a time when partisan bickering is supposedly making any progress impossible?

It’s certainly not because the public is up in arms about rolling back derivative regulations — most Americans have never heard of derivatives trading, let alone pressured their Member of Congress to deregulate it. No, this is happening for a very different reason: Big bank lobbyists wrote this bill.



http://daily.represent.us/theres-something-absolutely-insane-happening-house-right-now/

I'm sure there's a reasonable explenation for this ... on another Planet :rollseyes:

TheDictator
10-30-2013, 11:20 AM
So your saying that the Democratic Party is in the pocket of Big Business and Big Banks. Already knew that.

jillian
10-30-2013, 11:26 AM
So your saying that the Democratic Party is in the pocket of Big Business and Big Banks. Already knew that.

the bill is in the House of Representatives... that's the domain of the right.

Try again.

Agravan
10-30-2013, 11:27 AM
the bill is in the House of Representatives... that's the domain of the right.

Try again.
What part of "broad bipartisan support" did you have trouble comprehending?

TheDictator
10-30-2013, 11:34 AM
the bill is in the House of Representatives... that's the domain of the right.

Try again.

Can you Read? If you can then read this: the bill is currently enjoying “broad bipartisan support” in the House. That means that Democrats support the bill.