Video not working on cell phones (try link, it is a very good video and works on cell phones)
It is beyond horrifying that to make a budget deal, the House of Representatives caved in to lobbyists for the Big Banks who want to DIAL BACK the minimal reforms made as a result of the last financial crisis in 2007. This blog chronicled the thievery at the local level throughout the 2000's leading up to the near-collapse of the world financial system thanks to the greed of hucksters, bankzters, and mortgage schemers.
Now they want to do it all over again?
Please make your calls today to Senator Marco Rubio and Senator Bill Nelson: tell them to vote against the deal made by the House! Let Congress pass a stop-gap measure until daylight chases the banker lobbyists from the Capitol.
Call Congress To Oppose Backroom Wall Street Deal
December 11, 2014
by Isaiah Poole
This post first appeared at Campaign for America’s Future.
We’re calling for an all-out push today to stop a backroom deal that would reopen the Wall Street derivatives casino that caused so much damage in 2008, with taxpayers stuck with the bill for cleaning up the mess.
We’ve joined forces with Americans for Financial Reform in asking people to call their representative in the House – you can use the main Capitol switchboard number, 202-224-3121 – and call on Congress to reject this giveaway to Wall Street.
Activists have been fighting on two fronts to protect hard-won provisions of the Dodd-Frank financial reform act. There is an attempt to insert language into a terrorism insurance bill that would weaken rules in the financial reform bill regarding derivatives trading. That weakening effort is being led by House Financial Services Committee Chairman Rep. Jeb Hensarling. That bill was debated on the House floor today and could come up for a vote as early as this evening.
The other front is on the budget bill itself, where at the behest of Wall Street lobbyists some members of Congress are seeking to restore the ability for large banking institutions to engage in derivatives trading while being backstopped by the federal government. If there is another collapse in the derivatives market similar to the one in 2008, taxpayers would once again be stuck with bailing out the reckless gamblers.
Yesterday Sen. Elizabeth Warren has called on Congress to take those provisions out of the budget bill.
“Now, the House of Representatives is about to show us the worst of government for the rich and powerful,” she said. “The House is about to vote on a budget deal, a deal negotiated behind closed doors that slips in a provision that would let derivatives traders on Wall Street gamble with taxpayer money and get bailed out by the government when their risky bets threaten to blow up our financial system.”
Likewise, House Speaker Nancy Pelosi has called for Democrats to oppose the provision. “These provisions are destructive to middle-class families and to the practice of our democracy. We must get them out of the omnibus package,” Pelosi said in a statement.
In addition to calling members of Congress, you can sign and share this petition to demonstrate your opposition to this Wall Street backroom deal.
The views expressed in this post are the author’s alone, and presented here to offer a variety of perspectives to our readers.
Isaiah-J.-PooleIsaiah Poole is the editor of OurFuture.org. Previously he worked for 25 years in mainstream media, most recently at Congressional Quarterly, where he covered congressional leadership and tracked major bills through Congress. He also served as a founding member of the Washington Association of Black Journalists and the National Lesbian and Gay Journalists Association.
12 comments:
The provision for the derivative traders is appalling. The Democrats who backed this concession are as irresponsible as the Republicans who proposed it. We need to bring back the Glass-Steagall Act.
As long as the taxpayers are FORCED to bail out these Banksters and the FED acting as a partner in crime continues to print or create money out of thin air, the middle/working class will be crushed (if it isn't already).
Democrats and Republicans are one and the same (Bush/Obama Whats the Difference) when it comes to doing the bidding of WALLSTREET (there are only a few exceptions on either side of the aisle). The people always get screwed (because according to Gruber etal we are all Stupid Idiots and we don't put millions in super pacs).
TO THE BARRICADES GIMSPIERRE!
As for me, I am just glad they didn't shut down the government again. I have come to expect so little from this Congress, that my standard has lowered to just keeping basic governmental operations and the world economy going. In a diverse country like ours with strongly held views on both sides, no one is going to get everything they want. You give some, and you take some, that is what they are paid to do, compromise and keep the country moving. The more people vote the more they get. The less they vote the less they get. You think this is bad, wait until the new Congress comes in session when the republicans control both the House and Senate, when Obama has to continually veto and compromise just to keep the country going. This is what happens when people don't care and don't vote. You have less room to negotiate.
Last Anon, So if you care and are you vote D and take it up the arse with Obamacare, perptual war and lots of money printing. If you don't care you vote Republican and take it up the arse with Perpetual wars, money printing and having to listen to a bunch of blowhards expound the evils of same sex marriage or maijuana.
Hmmmmmm, and your point was?
I don't know what your point was. Obamacare is loved by tons of people! On C-SPAN the other day they had a call in by Democrats only, and people were calling in from all over the country with their personal stories on the wonders of it in their lives. There were so many positive testimonies, that they had to close the line down!
If you can't figure out my point, it is not written for you. Just skip over my post.
Some people say that's the problem with compromise and our system - nobody gets what they want - everyone is unhappy about something.
simple example - 2 people and $10 needed to run things. If one person gave ten and the other nothing, than 1 is happy, other not.
If both people give $5, it seems 'fair' but at the same point now both of the people are out something and both not happy. Sure, better to be out $5 than the full $10 but still means both had to give something up.
The reality is our system is built on votes not cash. The currency of our democracy is votes. It only responds to votes, nothing else. Each citizen has a vote. The rich man with $10 has only one vote. The poor man with 0 dollars also has only one vote. In our democracy, they are equal, one man, one vote regardless to how much money they have or put in to run things. That is our system of government.
When the poor man doesnot vote, the rich man votes in every election and his vote becomes more powerful because the poor man's vote is missing in action. In addition to this direct power, he uses cash to influence other voters to vote his way. While the system does not recognize cash directly, it must be turned into votes to be useful in our democracy. History has shown it is hit or miss trying to turn cash into votes.
Blog post is dead on. I expect the bill will jump from 1600 to 2100 pages as everybody needs to slip in something.
Well, we have an election in two years. Campaign issue. But people are going to have to vote!
http://www.TermLimitsforUSCongress.com/
This could go a long way to improving what is happening in Washington.
With an 18% approval rating, we just returned 90% of the incumbents.
People say they like their particular congressperson. The problem is that collectively as a body they have have done a very poor job for the country. Although we pay them and their staffs to legislate, this Congress has earned the title of the "Do Nothing Congress". Because many people failed to vote in the midterm elections, next year we will have a republican House and Senate, and we will see how they feel about the work of Congress then. Voters can change things anytime they want. People in the House serve two-year terms. The Senate is harder as they serve six-year terms, and the terms end in different years. Someone in the Senate is always up for election giving the opportunity to change the composition and the balance of power in that body.
Post a Comment