Aside from the domino effect of ‘too big to fail’ firms, this lack of government regulation of ALL financial firm activities is most important.

The off-shore and tax-haven stuff is another animal, but also needs to be looked at eventually.

Looking first at what is broken and prevents our current system from working is important. That’s the triage principle. Once the patient is stabilized you begin to look at important basic functions to see if they’re seriously impaired. I’m not entirely certain Geithner’s latest proposal even addresses all of the first step.

Let’s see what Dodd & Frank have to say about the issue.

In my opinion, the root of the financial problem is the Federal Reserve, since Greenspan and now with Bernanke and Kohn, these neocons have only one goal : to keep America addicted to imported oil and gas and with the Middle East as reserve of last resource ( Saudi Arabia, Qatar, UAE, Kuwait ,etc. ) and with only one strategic partner in the region ( Israel ) : these countries get all our money,all our weapons and all our attention while they have never worked or pay taxes here in the USA , and these neocons now include Rattner, Emanuel, Axelrod, Summers, Geithner , Orszag, Bernstein ,Shapiro and Furman , among others , and who are the ones who just put a Director of ExxonMobil as chairman of G.M., mr.Whitacre, absurd !

ExxonMobil now uses Qatar for 35 to 70 % of its gas resources on any given day , so we are stuck !

and the Fed is the one backing the new regulations where privately traded derivatives still are un-regulated,so the ” shenanigans ” and FINANCIAL DIRTY TRICKS WILL GO ON ….will the President agree to that ?

That’s why America must demand that Congress passes the Bill H.R. 1207 and S. 604 , http://thomas.loc.gov/home/thomas.html , from Congressman Ron Paul , http://www.ronpaul.com/on-the-…..e-hr-1207/ , http://en.wikipedia.org/wiki/Ron_Paul , and that gives the Congress the Authority to audit the Federal Reserve , because if there is no fraud,abuse, theft and crimes, why not open the ” books ” of the last 30 years ?

President Obama and Vice-President Biden must remember that if they don’t also demand this full Federal Reserve Audit , they will get the blame later for the neocons crimes…..as usual because these neocon’s friends control the Media in the USA, so they choose the scandals and the news, and with Leibowitz ( confirmed) in charge of the FTC, they will control even blog content, and with the http://www.bbg.gov/ run by ( appointee? ) Isaacson, who at Time magazine pushed non stop for the Iraq War, imagine the warmongering message from America to the World, what a nightmare ! the worst neocon warmongering pack controlling our Free Speech !

And as long as these political-military neocons also control the ” Federal Money Machine ” , we will not get new battery technology, or electric-hybrid E-85 plug-ins, or fuel-cells, or advanced solar, or wind and wave, or geothermal energy , or the vital smart grids, or much less rural broadband, we will only get more monopoly and more abuse.

and also because : a) Genachowski, the next FCC chairman is a member of the Barry Diller-Rupert Murdoch-Sam Zell-Slim Helu-Haim Saban neocon media group and key financial backers of Netanyahu , who was in D.C. this week to secure his agenda and to link in person to the neocon network in D.C…….so there will be less Free Speech, less Net Neutrality, less choices in wireless, less rural broadband, less wireless open markets applications and less U.S. Constitution and lots more lobby’s and exclusive deals , and that’s why the D.C. Establishment is so excited about it : they are planning a new captive “Christian Palestine” right here in the USA , what a pack of incompetent traitors !

b) the FCC must review choices for mobile phone payments, and with Genachowski and McDowell , another darling at the FCC that already sided with some cable monopolistic views , they will give away the “fabricated monopoly” of mobile payments to their friends in the Hedge-Fund world close to the above investors network, isn’t wonderful ?

c) the mobile phone payment system will become a virtual bank, broker, middle man and adviser with huge power over selection of goods and services , and here Genechowski and the new FCC leadership ( ??!!! ) will deliver the goods to friends and partners …..the only thing we know for sure now is that all of them will be very rich after they leave the FCC, that we know !

d) and they will say that the new Consumer Financial Protection Agency has no say in all this, this is all between Genachowski, Geithner,Bernanke and the Diller-Murdoch-Zell-Helu-Saban group, what a wonderful exclusive deal !

Already we see how little work the Congress wants to do about the “Stupid TV” Networks, which is brainwashing the kids in America and using the “free-of -charge-to-the networks” taxpayers owned spectrum airwaves to do it , already we see how menthol-tobacco is out of the FDA regulation even when is the emphysema-cancer first source , how little they really do against junk foods in and out of schools, just look at the ding-a-ling trucks loaded with junk foods waiting outside schools to take away every dollar from the kids in exchange for sugary and junk loaded foods, and no one is doing anything ! we see the pattern, we see the lobby’s waiting for the staff of the elected officials, we see how even the key staff in some “Leaders” offices are neocons of the AIPAC lobby and controlling the access ,messages and the news that reach these politicians, we see the corruption and the manipulations !

To America’s Youth : Kids, run for office !!!! run in local elections, in Town, County and State elections, run !!!! because if we don’t get a new spirit in D.C., we will lose this great country.

I would like to ask again P.Obama and VP.Biden when are they going to get all these neocons out of their Administration and the White House, when ? …..because again, they will blame P.Obama and VP.Biden for this mess and others in the spring of 2010, like G.M. not having the Volt ready ( it will never happen , it’s all a lie ) , like still not having young crews manufacturing and learning to install solar , wind and geothermal systems, nothing !!! …As many are saying, even the Pentagon can’t even get synthetic fuels going for their own military fleets !

and all this will make them, P.Obama and VP.Biden , look like losers for the elections, so when are they going to see the backstabbing ahead ? when ? the first step is to audit the Federal Reserve.

I love him. If I never go to his district again (I hate Orlando, and it will only be at the point of a loaded gun), it’ll be a day too soon, but I’ve got to hand it to the citizens of central Florida that elected this man. I don’t know about his fashion sense, but then I myself have long been accused of having no fashion sense…

I say that we need a few more progressively-minded trial lawyers in the House. Think of all the Perry Mason moments…

He said that at the height of the boom, in 2006, Goldman Sachs underwrote $76.5 billion in mortgage-backed securities, or 7% of the entire market. Of that $76.5 billion, $29.3 billion was subprime, which is bad enough — but another $29.8 billion was what’s called “Alt-A” paper. Alt-A mortgages are characterized, mainly, by crappy documentation and lack of equity: no income verification, no asset verification, little-to-no cash down. So while “only” 38% of the mortgage-backed securities Goldman underwrote were subprime, more than three-fourths of their securities were what is called “non-prime,” ie either subprime or Alt-A. “There’s a lot of crap in there too,” says Cecala…

This isn’t really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn’t have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye…

Any way you slice it, Goldman was responsible for putting tens of billions of toxic mortgages on the market, resulting in mass foreclosures, mass depletion of retirement funds, and a monstrously over-leveraged financial system that we will now all be bailing out for the next half-century or so. All of this so that Goldman could make a few billion bucks acting as the middleman in all of these deadly transactions.

Anyway, I was also struck by this phrase:

…we are proud of the way our firm managed the risk for our clients…

But it continues to astound me that Paul is almost never mentioned in connection to his very own bill. Oh, yes, I understand the purpose of this post and whatever gets the message out and in support for HR 1207 I’m all for. Just pointing out an obvious omission.

Z