Robert Reich On Why The Finance Bill Won't Do Anything

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Mon, 05/24/2010 - 14:20 | 370546 suteibu
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Wow...Reich and Summers on the same day.  All we need is for Bobby Rubin and Hank Paulson to share their ultimate wisdom.  File this in the "Yeah, they lied to us all along but they're telling the truth now," folder.

Mon, 05/24/2010 - 14:23 | 370563 Carl Spackler
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I'd like to see Robert Reich wrestle Tom Cruise in a cage match.  No holds barred.

Only thing is I'd have to use the zoom feature on my tv to watch those 2 midgets.

Mon, 05/24/2010 - 14:25 | 370571 suteibu
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No shit.  I'll take the insane midget, you take the narcissistic one.

Mon, 05/24/2010 - 15:09 | 370668 bigdumbnugly
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aren't they kind of interchangeable in that?

Tue, 05/25/2010 - 02:06 | 371462 Clinteastwood
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Reich is just a partisan promoting the left-right divide and conquer strategy.  Reich:  your time has come...........and gone.

Mon, 05/24/2010 - 14:24 | 370548 Hulk
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Reich is a douche, a homunculus actually,  but he is correct on this one..No way Obama takes on the street.

Mon, 05/24/2010 - 14:36 | 370601 Problem Is
Problem Is's picture

"No way Obama takes on the street."

Obummer THE Wall Street Puppet
Lloyd and Jamie pull the strings and Obummer gives us the soft shoe on command...

Mon, 05/24/2010 - 14:56 | 370640 PeterSchump
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Why would he or any of the Republicrats either.  No way they are going to stop the Gravy train.

 

Mon, 05/24/2010 - 14:21 | 370552 oklaboy
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why are we wasting our time on RR?

Mon, 05/24/2010 - 14:33 | 370588 whatsinaname
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yup. wasnt he a Clinton crony ?

same guy different hat.

Mon, 05/24/2010 - 16:04 | 370758 Captain Obviousness
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Dr. Evil : Mini Me  ::  John Maynard Keynes : Robert Reich

Mon, 05/24/2010 - 16:21 | 370816 Agent P
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I was going to go with "He represents the Lollipop Guild", but I think I like this better (small hands, smells like cabbage).

Either way, he's a fucking communist horse jockey!

Mon, 05/24/2010 - 14:23 | 370562 Strider52
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Buy Gold, Bitchez...

Mon, 05/24/2010 - 14:27 | 370574 justbuygold
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The reason that Finreg needs to be seriously toughened up is because if they don't it will all end badly.  People will revolt, people will riot and decend upon Washington and NY.  Its starting to happen in other countries and it will soon hit the U.S.

Mon, 05/24/2010 - 14:44 | 370612 silvertrain
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EXACTLY..Thats what Ive been saying..They pass this piece of crap and then get right up on tv and say how this PROTECTS US and the problem has been TAKEN CARE OF..They better damn well hope it is. Its more pressure than I would want..

 But the man has NOT SIGNED IT INTO LAW yet..This is going to be must see tv over the next month..

Mon, 05/24/2010 - 14:47 | 370617 Psquared
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Don't you think it is too late now? Tough new regulations, breaking apart banks and separating their banking and prop trading activities would take years to implement even if they started tomorrow. Too much damage has been done at this point.

Mon, 05/24/2010 - 14:29 | 370581 tony bonn
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any reform which omits jail time for the perpetrators is also useless.....

chief perps include the bush crime syndicate members starting with daddy bush, soetoro, rubin, summers, clinton, geithner, greenspan, bernanke, soros, buffet, dimon, blankenfein, countrywide, washington mutual, lehman, rockefellers, and so many other well deserving criminals and crooks.

Mon, 05/24/2010 - 14:33 | 370590 Cheeky Bastard
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Is that it; or do you have another set of talking points which were said app. 14 trillion quadrillion times in the past few years. Yeah, we all fucking get it; its not the 16th century and the information will not disappear or get lost if you dont recycle it 7000 times a second.

Mon, 05/24/2010 - 15:06 | 370661 Duuude
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Underneath tha barrage of Bullshit tha public zones out.

As arranged.

Mon, 05/24/2010 - 15:22 | 370690 dumpster
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Jim Sinclair’s Commentary

It is not what is reported here, but the use of EU credit default derivatives that brought about the dive in the euro.

With CDS pounding and the Libor rising the bear play on the euro is successful. This mechanism will turn on all Western world currencies within 12 months, one by one. , this will turn money towards Gold.

Euro’s fall deals new hit to risk appetite

Mon, 05/24/2010 - 15:13 | 370677 Recovery3000
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I agree with you CB, mindless chatter is boring and is mindless (Soros and Bush in the same syndicate?) and breeds complacency and numbs an individual in conspiracy theories and poor judgement, which lets the people in charge to stay in charge.

Mon, 05/24/2010 - 14:31 | 370586 JR
JR's picture

The financial reform bills may only be “cosmetic” as Roubini says, or ineffective as Robert Reich says, but the real crime, if approved, is that FinReg now institutionalizes the Fed’s emergency powers as sweeping law of the land.  In secret, with no congressional or citizen involvement, the private bankers can now legally steal any American business, even a barbershop, or a major corporation, with just a few made up words of explanation.  Moreover, in secret, these bankers who print the nation’s currency and assign its value, can take vast sums of this currency and reward their friends, punish their enemies, and, again, legally, never offer an explanation.

If this is “cosmetic” as Roubini says, then Stalin’s program for the Ukraine was cosmetic as well.

Mon, 05/24/2010 - 14:44 | 370610 faustian bargain
faustian bargain's picture

It's cosmetic like a wolf in sheep's clothing.

Mon, 05/24/2010 - 14:35 | 370599 jkruffin
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Moment of truth:  go here to submit your comments on the retarded circuit breaker proposals, HFT, Prop trading, etcc...  they are only gaming the system once again.

 

http://www.sec.gov/cgi-bin/ruling-comments?ruling=s70210&rule_path=/comm...

Mon, 05/24/2010 - 14:44 | 370611 Greenhead
Greenhead's picture

I always enjoy the "nobody knows better than me" on how to structure/restructure the economy.  Less is more in this case.  Introduce failure again, the band-aids are what cause the problem in the first place.

Mon, 05/24/2010 - 14:45 | 370614 Psquared
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Same thing the http://baselinescenario.com people have been saying all along. Except, Simon Johnson is more blunt and direct. The only thing I like about RR is that he made the case that this is just like Healthcare Reform - the "real" reform was gutted and what we had left was form but no substance. RR left out regulation of the oil industry though. Those three industries run the country and no policitician, or Legislator, has the kahoonas to take them on.

TBTF goes way beyond banks. Does anyone think they will let BP fail? They certainly didn't let the auto industry fail.

Mon, 05/24/2010 - 14:50 | 370619 JR
JR's picture

Who makes regulatory provisions for the insurance industry?  The insurance industry.

Who makes regulatory provisions for the pharmaceutical industry?  The pharmaceutical industry.

And who makes regulatory provisions for the financial industry?  The financial industry.

The finger prints on this latest financial regulatory program belong to top guns such as Chris Dodd whose little hands are held, while pushing the fingers down, by guess who?  The investment bankers, i.e., the financial industry, i.e., the Fed.

To believe this Congress and this President would approve any Wall Street legislation without the approval of Goldman Sachs and JP Morgan is to believe that Elvis is back and has entered the Democrat Primary for governor of California.

Mon, 05/24/2010 - 15:09 | 370656 Recovery3000
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How can you reform a system with the same players?  I know when my company is dysfunctional, I go to the worst employees for advice on how to fix it.  Unfortunately, unlike Zero Hedge mostly, other fin-blogs are stuck in the same well worn grooves of argument, which gives me every indication that this whole thing will reset as it does every 80 years or so.

Mon, 05/24/2010 - 15:07 | 370663 TooBearish
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1500 pages of loopholes and interpretations leaves room for years of political donations, fund raising, backdoor bribes and financial security for all involved in its passing...congrats Chris Dodd I am sure the job you landed after your "retirement" from politics had no bearing on this masterpiece of shite you sponsored.

Mon, 05/24/2010 - 15:13 | 370676 Treeplanter
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For once I can agree with Robert Reich.  Another day, another scam by Congress, Inc.

Mon, 05/24/2010 - 15:16 | 370684 Recovery3000
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RR is still a statist, but at least an anti-corporatist one.  I don't mind an honest liberal, just not the fist-f'ing ones that pledge to protect you, while backdooring your mother.

Mon, 05/24/2010 - 15:24 | 370695 mchawe
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"the only thing that can save the financial system is, paradoxically, its destruction"....

Bring it on, but make sure you have gold in your physical possession !

 

Mon, 05/24/2010 - 15:39 | 370716 rawsienna
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It is too late. We made our deal with the devil in the belief that globilization was in our best interest.  It sounded great and worked for a while as we exported blue collar jobs but replaced em with acceptable service industry jobs (finance, insurance, real-estate, etc) along with declining inflation.  Reforming wall street means giving up on tons of financial industry related jobs and Obama will not do it  - who will pay taxes for his social programs. Sorry, green jobs will not do it and we exported most manufacturing jobs to Asia. That is why more borrowing has a negative mult effect.  We are screwed and it started with Clinton/Greenspan. Reich is correct in that if one of the big banks fail they all fail -  That needs to change and should be the sole purpose of any legislation.

Mon, 05/24/2010 - 15:50 | 370735 jmc8888
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Yep, this is going to blow up their faces.  It's amazing that while the markets are jittering around so much, they are still stroking the golden c**k of the street.  They have to be insane to be signing such a bill right now.  It could blow up any day.  Yet they're going to give the 'two thumbs up' to it. 

Yes, things do need to be repeated over and over and over again.  Especially since alot of people don't get it the first time around, are too busy to care the next, believe the bs the third time, etc, etc.  What do they also say it can take something like 7 times to learn something.  You hear things from other angles, giving you a better perspective from which to judge what's going on.

We are getting jobbed hard on this one, as we all know - but definitely not everybody (and most with no depth in the subject), and the spin meters are going as fast as our printing presses to paint this as REFORM.  Hit it Chewie.

I just love our new 'reforms', each one making the situation worse and more backwards than the 1812 backwards situation it was already. 

If Obama says he wants to 'reform' something, everybody relax, he's about to give a kickback to that industry.  That's a nice change.

Same people up to the same tricks, all benefiting the same side.  History is important to consider for context, and most are not too aware of it.  If more people were aware of how blantant the screwing is, things would immediately come to a head.

Reich has definitely been on the administrations side and now that's changed somewhat.  You could see breaks before, but he held back, and those time should be more infrequent here on out.  We'll see.

I'm glad he lumped in healthcare, because they both are craptastically similar in their crony outcomes.

Mon, 05/24/2010 - 16:51 | 370902 Implicit simplicit
Implicit simplicit's picture

I just wish some of these politicians would show some balls, and stand up to the big banks and their lobbyists. Politicians that show some gumption will be rewarded. Consciousness is changing; people want change.

Zero has done such a good job. I hope we can continue to have lists of politicians, and how they vote on upcoming bills; then we will know who to get rid of. Clean the House, Clean out the Senate while your at it. (Sticker on my car) 

Mon, 05/24/2010 - 18:16 | 371037 Duck Butter
Duck Butter's picture

Does oklahoma now celebrate tim mcveigh?  wierd state.

Mon, 05/24/2010 - 21:12 | 371271 Gimp
Gimp's picture

Wasn't Robert Reich calling for economic growth through 2009 and beyond in 2008?

Another Ivy League boob who hasn't a clue. If these fucks actually lived in the real world and stopped thinking they are superior to the rest of us life forms they might get it right.....

 

Mon, 05/24/2010 - 23:10 | 371366 robobbob
robobbob's picture

are you quoting this RR?

http://www.youtube.com/watch?v=chSH-cu20Oc&playnext_from=TL&videos=nbYp2qWeoTc

a Keynsian and social justice engineer. all on borrowed money. nice

 

Tue, 05/25/2010 - 01:06 | 371428 snowball777
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Look folks, it's simple: they can't accept anything that involves separation or spinning any parts of the beasts...because doing so would require them to actually place a value on their books. And they want to look under those covers as much as a sane man wants to watch his octagenarian parents get it on.

 

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