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Are The Historic Brown/Kaufman And Sanders Amendments About To Pass, Ending Wall Street's Hegemony?
In a historic development, we may be on the verge of the Senate passing amendments that will bite off the Wall Street hand that has fed the Senate, Congress and all politicians for decades. The Huffington Post reports that "Harry Reid will make sure that an amendment to break up megabanks
and cap their size comes up for a vote, the Senate majority leader
said. He added that he was leaning heavily toward voting for the
amendment, cosponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman
(D-Del.). Reid will also support an amendment from Sen. Bernie Sanders (I-Vt.)
that will authorize an audit of the Federal Reserve." In an ironic twist, the president may be the last party remaining to protecting Wall Street's interests, as democrats wholesale turn their back on their former masters. Should the critical Brown/Kaufman and Sanders amendments pass it will be game over not only for Goldman Sachs and the Federal Reserve, but to the entire financial oligarchic/kleptocratic status quo that has controlled this country for decades. The next inevitable logical progression is the passage of the McCain amendment which essentially returns Glass-Steagal. Should that happen, look for all fin stocks to trade at about 25% of their current levels.
On Wednesday, Reid was noncommittal when asked by reporters at a briefing about the two major amendments. In an interview in his office with the Huffington Post on Thursday, Reid went further when asked if he'd considered the amendments since the briefing.
"I'll probably vote for it," Reid said. Does that mean it'll come up for a vote?
"Oh, it's going to come up. I'll make sure it comes up," said Reid of the Brown-Kaufman amendment. "Unless my staff convinces me differently. But what I know about it, I'll vote for it."
Reid said he has not been lobbied by the White House to oppose either Brown-Kaufman or the Sanders amendment. "No one's talked to me," he said.
Reid's backing gives Brown-Kaufman two powerful backers. On Tuesday, Reid second in command, Majority Whip Dick Durbin (D-Ill.), said on the Senate floor he was backing the measure.
"I would say that [of] all the many amendments which will be offered, this is clearly a game changer," said Durbin. "I am supportive of this amendment, even though I know that some of my friends in the banking -- some of my friends in the banking industry won't be happy with that. What they're talking about is dealing with the concentration of wealth and the concentration of economic power to a level which can literally bring the economy down. That's what we went through leading into this recession. That's what led to the massive taxpayer bailout. And that's what the Brown-Kaufman amendment addresses foursquare."
UPDATE: Sen. Michael Bennet (D-Colo.), who had previously voted against a previous iteration of an audit of the Fed, will support the Sanders amendment, his spokesman Adam Bozzi tells HuffPost. Meanwhile, Greg Sargent reports that Sen. Al Franken (D-Minn.) will vote for Kaufman-Brown.
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1140 was made of mist!
I'm not a technical guy, but looks clear to 900.
Hopium never tasted so good...
Dont get your hopes high Durden; all our monies are belong to them.
Is that why financials are looking nicer and redder now? Just waiting for Goldman to fall as much as Morgan and more.
Or maybe Goldman earns record profits at they short the financial sector all the way down.
In a related story, the Senate has chosen the firm of Arthur Andersen to conduct the audit.
Well they ain't got any other clients to attend to.
Just the warden of Shawshank.
Walker or Texas Ranger from Talledagea Nights: The Ballad of Ricky Bobby: 'Aww grandma not my prison shank'
DO NOT AUDIT THE FED! I DO NOT WANT MUSH ROOM CLOUDS OVER AMERICAN cities and another World War. The dollar is going to collapse and millions of people will die! Are we nuts people? I do not want a collapse and another Great Depression. It was a horrible time then, I know people that survived
Keep the FED secret= Keep people alive!
ask yourselves the serious question people!
POLICE YO'SELF PUSSY!
ROFL are you serious?
The mushroom clouds will reign if we DO NOT audit the fed amongst other things. However that might still be a few years or decades away.
Your idiotic viewpoint is very limited. This isn't an AMERICAN problem. It's a worldwide problem. When all is said and done, while America along with every other western nation will be found at fault, a special shout will go out to U.K./QoE and the ECB.
This guy actually thinks WE caused this, rather than were a part of someone ELSE's system.
We used to be in the American Credit System
Now since 1913, and ever since then, we've been using the Queen of England's own Imperialist Monetary system.
You also know that the Fed is majority owned by FOREIGNERS right?
We are already in a great depression.
Again, are YOU SERIOUS? Seriously uninformed is my guess. Although it's a guess that's probably pretty spot on.
Not to mention, when America has the answer, the American Credit System, and LaRouche's Four power plan, I don't think the mushroom clouds will be over us. Unless the Queen gets pissed she's done for.
America gave legitimacy to the system, and it shall soon take it away.
Then when we offer the WORLD the chance to get out, I highly doubt we get nuked. The only ones that will launch are monetarists, for destroying their game, and even then, I doubt it. Besides it sort of destroys things which monetarists don't want.
Scaredy cats afraid of reality. Let's just hold onto the scam longer. Let's not but you can say we did...if it helps your psyche.
Good luck in finding the truth.
I can't believe you fell for the troll.
How to Identify a Troll: A Beginner's Guide.
yeah. If this passes, the markets are gonna tank, and then Harry Wanger will advise us all to average all the way down.
I'm gonna wait for that quiet sound after the puke hit the porcelain before scaling in long.
See George Washington's contributor post above about contacting your Senator to support these votes.
And we thought the equity pumpsters and dumpsters were just panicky over Greece.....??
Signals are being sent to the Critters. Back off or we'll crush the already angry morts once again.
http://www.aftonbladet.se/webbtv/nyheter/utrikes/article7086788.ab
greece is getting a little nutty as well
They're gonna be paying the police a lot of overtime to keep the crowds dispersed. How long before they bring in the tanks?
Geuss the financial wizards started donating to the Republicans a year early.
But the idiots always go too far.
Now lets seem some real democrat initiatives to take back the country. But odds are, the money will flow, and the democrats will start looking like corporate republicans once again. All talk so far.
When GS is thrown to the wolves, the ficticious debt CANCELLED, and our troops are home, then I'll start believing again. Not until, and I reserve the right to wait much longer than that.
BACK TO DAYS GONE BY:
http://williambanzai7.blogspot.com/2010/05/history-byte.html
Wow, I just got a response from the White House, I must be saying something in my messages to them, because they sure are responding quickly. I must be hitting on something they are afraid of being found out. Check out the reply letter:
"The White House - Presidential Correspondence" <noreply-WHPC@whitehouse.gov>Dear Friend:
Thank you for writing. I appreciate hearing from you.
There were many causes of the turmoil that ripped through
our economy over the past two years. But above all, this crisis was
caused by failures in the financial industry. It could have been
avoided if Wall Street firms were more accountable, if financial
dealings were more transparent, and if consumers and shareholders
were given more information and authority to make decisions.
But that did not happen. Special interests have waged a
relentless campaign to thwart even basic, common-sense rules--
rules to prevent abuse and protect consumers. In fact, the financial
industry and its powerful lobby have opposed modest safeguards
against the kinds of reckless risks and bad practices that led to this
very crisis.
The consequences of this failure of responsibility--from
Wall Street to Washington--are all around us: 8 million jobs lost,
trillions in savings erased, and countless dreams diminished or
denied. We must do everything we can to ensure that no crisis like
this ever happens again. That is why I am fighting to pass a set of
Wall Street reforms that would put an end to taxpayer bailouts,
bring complex financial dealings out of the shadows, protect
consumers, and give shareholders more power in the financial
system.
To learn more, I encourage you to read my April 22
remarks given at Cooper Union, just a few blocks from Wall
Street, by visiting: www.whitehouse.gov/the-press-office/remarks-
president-wall-street-reform. Thank you again for writing.
Sincerely,
Barack Obama
To be a part of our agenda for change, join us at www.WhiteHouse.gov
Let banks keep threatening. Easy way to fix this if they wanna play that game. Nationalize em and seize their assets and the assets of all the top CEOs. The entire selloff today has to do with financial reform and nothing more.
The Great Unraveling
The Great Unraveling
The Great Unraveling
Could be ^3
the bottom just fell out
Guess who's bluff just got called. Thanks for playing. Please come again real soon ya hear.
You want to see and end game. I will show you and end game.
http://www.zerohedge.com/article/early-march-lows-taken-out-carry-inverts
And don't forget all those Treasuries that China can and will sell in the open market. The endgame is approaching.
Bring it.
2009
Systemic Risk
Better than expected
Climbing the 'wall of worry'
2010
Contagion
Worse than expected
Fat finger...WTF!!!!!!!
Nice, but this won't get through in its current form--as much of a disconnect GS et al. have from the consequences of their actions, there remains enough political cowardice and clout in both current and expected donations so long as Citizens United stands that some of these Senators who have seemingly found religion will realize how much they'll be displeasing daddy and dilute this to meaninglessness.
As I'm of conscription/young-for-work-force age, I want to snicker as the world burns, but I'm pretty sure I and my children will be sweeping the ashes, so it's a laugh of resignation more than anything. Martinis, anyone?
Just called my senators. Boxer's mailbox was full but Feinstein's rep picked up and talked to me. I have no faith in our political system anymore but if this passes I will allow myself a pretend glimmer of hope that the system can still 'work' from time to time.
OH!!! This gets done. Now it's just a matter of how rough and tough it's going to get for the whole sector.
They will be watching Greece...
Tyler, are we being conned? I received the following email stating that the Sanders amendment has been watered down.
Stop the Compromise
May 6, 2010
Dear Supporter of Transparency,
According to our sources on the Hill, Senator Bernie Sanders has unfortunately given in to pressure from the White House and Chris Dodd and stripped out the Paul-Grayson language from his Fed transparency amendment.
What Sanders is now proposing is essentially the Watt amendment the Audit the Fed Coalition opposed last year in the House.
Talking Points Memo reports that, “In order to allay some of the White House's and the Fed's concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit--but his plan will still require thorough review of all the Fed's emergency lending, beginning December 1, 2007.”
Call Senator Sanders’ office at (202) 224-5141 and tell him how you feel about this last-minute compromise.
Click here for contact information for your senators and urge them to oppose this compromise. Tell them it’s time to support a standalone vote on S. 604, Audit the Fed.
A vote could come even late tonight or early tomorrow. Let your senators know where you stand right away.
Sanders sells out on Senate Floor:
Any time you find out Senator Chris Dodd is in support of something - watch out.
According to our sources on the Hill, Senator Bernie Sanders caved to pressure from the White House and Chris Dodd and stripped out the Paul-Grayson language from his Fed transparency amendment.
What Sanders is now proposing is essentially the Watt amendment we all opposed last year in the House. In addition, it supports just a one-time audit.
Talking Points Memo reports that, "In order to allay some of the White House's and the Fed's concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit--but his plan will still require thorough review of all the Fed's emergency lending, beginning December 1, 2007."
Call Senator Sanders' office at (202) 224-5141 and tell him how you feel about this last-minute sell out.
Click here for contact information for your senators and urge them to oppose the Sanders Sellout. Tell them to put back in the original Paul/Grayson language.
A vote could come even late tonight or early tomorrow. Let your senators know where you stand right away.
The American people deserve a real audit.
http://www.campaignforliberty.com/blog.php?view=35279
I got the same email. Posted a message to Feinstein.
confirmed here:
http://www.facebook.com/ronpaul
Bernie responds to a higher calling than the mere people.
Watch the video..
See if this great leader is backing down...
See what he is saying on the Senate floor....
http://bit.ly/1ax9Pw
The Fed and PPT flexed nuts and gave Sanders and Co. a big kick in the ass to show them who is "b"oss.
Let us stand up to the bully. Buy silver and gold bullion. Sell your doelarrs. Shop locally. Bocott Coke and Pepsi. Fuck these banksters and their whore politicians they rode in on!
If Sanders' and Kauffman's amendments pass, Mr. Goldman-Sachs-Obama will be in one heck of a pickle. If he signs the bill, making it law, his biggest donor would start cutting checks to the opposition (unless of course the SEC and DOJ take all their dough). If he vetos it DC would look like Athens. Pick yer poison. Oh hell, I simply cannot imagine this passing - the dynamics would be too bizarre. Let me spell it out fer ya - Goldman OWNS Obama. They OWN Emanuel. They OWN Geithner. And they've probably got a downpayment on Bernanke. To believe they could lose this you have to believe that Obama and Emanuel don't know how to play hardball - and remember, they're from Chicago. It ain't gonna happen.
" If he signs the bill, making it law, his biggest donor would start cutting checks to the opposition (unless of course the SEC and DOJ take all their dough)."
Already happening according to 1st Q numbers to political parties. Thus the Chicago shakedown.
B.S.
Up the thread...
Wow, I just got a response from the White House, I must be saying something in my messages to them, because they sure are responding quickly. I must be hitting on something they are afraid of being found out. Check out the reply letter:
"The White House - Presidential Correspondence" <noreply-WHPC@whitehouse.gov>
Dear Friend:
Thank you for writing. I appreciate hearing from you.
There were many causes of the turmoil that ripped through
our economy over the past two years. But above all, this crisis was
caused by failures in the financial industry. It could have been
avoided if Wall Street firms were more accountable, if financial
dealings were more transparent, and if consumers and shareholders
were given more information and authority to make decisions.
But that did not happen. Special interests have waged a
relentless campaign to thwart even basic, common-sense rules--
rules to prevent abuse and protect consumers. In fact, the financial
industry and its powerful lobby have opposed modest safeguards
against the kinds of reckless risks and bad practices that led to this
very crisis.
The consequences of this failure of responsibility--from
Wall Street to Washington--are all around us: 8 million jobs lost,
trillions in savings erased, and countless dreams diminished or
denied. We must do everything we can to ensure that no crisis like
this ever happens again. That is why I am fighting to pass a set of
Wall Street reforms that would put an end to taxpayer bailouts,
bring complex financial dealings out of the shadows, protect
consumers, and give shareholders more power in the financial
system.
To learn more, I encourage you to read my April 22
remarks given at Cooper Union, just a few blocks from Wall
Street, by visiting: www.whitehouse.gov/the-press-office/remarks-
president-wall-street-reform. Thank you again for writing.
Sincerely,
Barack Obama
To be a part of our agenda for change, join us at www.WhiteHouse.gov
The consequences of this failure of responsibility--from Wall Street to Washington--are all around us; 8 million jobs lost,trillions in savings erased, and countless dreams diminished or denied. We must do everything we can to ensure that no crisis like this ever happens again.
"Central Planning has failed utterly. And that is why we must do everything we can to enhance and increase central planning, because it has been such a resounding success thus far; millions of lives destroyed are not a sufficient legacy for the insanity that is the central planning state"
Fuck this. We do not need to audit the FED, we need to burn it down.
BURN THE FED!! BURN THE FED!! BURN THE FED!!
++ 100
Done.
http://www.zerohedge.com/article/fed-audit-deal-reached-senate
Ron Paul opposes the Dodd/Sanders compromised amendment:
http://www.ronpaul.com/2010-05-06/audit-the-fed-amendment-modified-allow...
Somebody must have squeezed Sanders pretty hard.
I see it is a one time audit of the fed from Dec '07 that has support. This will shine the light on all the buying of SPY futures through JPM?
I think summers and Geithner puts are now deep in the money. Mr. O better have a smoke and think about whether he wants to continue on as a gangster or be a real agent of change. Cut the puppet master strings and set us all free from tyranny and corruption...
What if he played them to get elected. Everyone is so quick to think this Pres. is STUPID. The man is not STUPID. He may be blinded by the fame and fortune for a time by those who he thought were his friends.
Sooner or later, we all learn who are real friends are.
They talk a real good game. When all the while you learn over time they are totally full of CRAP.
JFK crossed the Fed. Barry won't cross the Fed.
And here i was going long the USD, the last refuge of the scoundrel is about to be overturned as well. My bad for playing the game.
What if the FED reports in the audit on Dec.1 that they went long GOLD.
Adding to the 11K TONS of GOLD the USA did own.
How is it Gold Bugs think they are the only ones playing the ACTION IN Metals.
MAY 1st:
"The weekly DOW chart shows an expanding wedge indicating a significant move is probable... this remains an overbought bear market rally and the uptrend could falter at any time.
http://www.zerohedge.com/forum/latest-market-outlook-0#comment-326767