Saturday, October 17, 2009

Congressional Committees Quietly Kill Portion Of Derivatives Bill; No One Watching For Systemic Risk


This is starting to resemble the ol' razzle-dazle.

While the health care reform package is capturing everyone's attention, there's bill upon bill being whittled and stripped and made worthless regarding the banks and the necessary regulation of the money industries. Yesterday, a bill that makes 98% of the banks exempt from oversight, today it's more lieniency for derivitives and again exemptions of oversite in general.

There are a lot of consessions being made by our elected representatives in committee, on issues that demand no compromise.

The bailouts we were asked to afford these industries, appear to have gone to help several House and Senate members shore up their treasuries for future elections or God knows what. But not to aid the economy as yet and it's certainly doesn't appear that anyone in that crowd wants to stand behind enforcing the regulations that repairations to our economy demand.

So, while the health care reform continues to take center stage to Balloon Boy on one side and Beck crying on the other, keep your eyes on what's going on behind the Big Top.
That's where the real show stoppers are.
Read the Article at HuffingtonPost

2 comments:

Anonymous said...

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......Zach's Almanac said...

"Matchless phrase" can be taken in different ways. One would be complimentary. The other, not so much.
Suspecting the most likely I looked through my post and found ample reason for it to be a possible call for me to edit my terrible typing, grammar and sentence structure.
Thank you for the alert. I found plenty to work with.
I may also need to change my profile to read, "Free association is the main entrée on an a'la carte menu that allows me to work my writing chops on any thing." to "allows me to work on my choppy writing".
There appears to be more need for the latter.
Regards.