A mere five years after the 2008 financial crisis the United States House of Representatives has voted to virtually guarantee another one. With bipartisan support, the House voted to rollback provisions of the Dodd-Frank bill and allow Too Big To Fail banks to trade derivatives in units that are guaranteed by the federal government – not only promoting risky behavior but putting the government on the hook for backstopping such risky trades.
|By: DSWright Tuesday October 29, 2013 12:50 pm|
House members who plan to vote for these bills have no fear whatsoever of being so obviously in Wall Street’s pocket. The bill is exposed as being written by Wall Street lobbyists and no one cares? Then again, perhaps Wall Street writing the bills is so commonplace in DC that such a revelation is in no way surprising or worth further consideration by members of Congress.
|By: DSWright Monday October 14, 2013 12:46 pm|
Under the Dodd-Frank Act banks that are “systemic threats” to the financial system or Too Big To Fail are supposed to be dismantled to avoid the necessity for taxpayer bailouts and subsidies. So far the power has not been used which many are claiming is due to the incredible sophistication of the megabanks not a lack of will by public officials. But now US and UK regulators are saying that’s not true and that the Too Big To Fail banks can be broken up.
|By: DSWright Thursday September 19, 2013 11:20 am|
After lying to regulators, manipulating the market, and putting out fraudulent documents JPMorgan will pay a relatively small fine and move on. Because when the powerful repeatedly break the law the consequences are never very severe. If we stopped these Wall Street banksters from making criminal profits they might stop making criminal profits – then where would our economy be?
|By: DSWright Thursday June 6, 2013 1:40 pm|
Yet another reason not to do the bailouts without conditions.
|By: DSWright Monday May 27, 2013 12:10 pm|
I try to be cynical, but I can’t keep up.
|By: DSWright Wednesday May 22, 2013 4:45 pm|
A Florida family man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.
|By: DSWright Friday May 17, 2013 8:45 am|
Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market.
|By: DSWright Tuesday May 7, 2013 2:55 pm|
Noted Wall Street ski buddy and House Financial Services Chairman Jeb Hensarling is moving to re-deregulate derivatives by gutting the Dodd-Frank Act. Apparently one financial crisis this century is not enough for Hensarling and friends as the House today is marking up a slew of bills to help Wall Street avoid derivatives oversight.
The Committee on Financial Services will meet in open session to mark up the following measures:
|By: DSWright Thursday April 11, 2013 9:25 am|
Life, liberty, and property. These were in theory the founding principles of the republic. But as President Obama meets today with the the Big Banksters to plot his latest attacks on Social Security and Medicare, it seems property rights still only exist for roughly the same percentage they did in days of America under the British Empire, 1%. Or so one could reasonably deduce from the fraudclosure settlement.