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Senator Kaufman Blasts Dodd Bill, Says It Gives Regulators "Reshuffled Set Of Regulatory Powers That Already Exist"
We have long said that Delaware Senator Kaufman is probably one of the very few unbought, objective and honest politicians in D.C. His latest speech, "Ending Too Big To Fail" proves this yet again. It is unfortunate that even as the Dodd "reform" bill is about to pass, which incidentally has nothing to do with reform (once again - the only" financial reform" we have gotten since the advent of the Obama administration have been short selling curbs - can't have stocks going down now, can we), and all to do with placating Wall Street interests, who have paid handsomely to the authors of the bill to pretend as if reform is being done, that true activist reforms like Kaufman are being largely ignored. Hopefully after the mid-term elections, politicians from both side of the spectrum, who now blatantly ignore their voters, will finally realize you can avoid the long-forgotten concept of democracy only for so long.
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Can't wait to vote these paid for bums out of office. WE WON'T FORGET!!!
PS- and American Idol totally sucks this year anyway, so we are all kinda bored and disenchanted.
Unfortunately, all the bought politicians from both parties will come together in a wave of bi-partisan support for the bill and it will sail through. People will think how great it is that they could finally come together on something thereby taking the attention away from what a crappy bill it is. But, business interests (especially banks) aren't stupid - they put money into both parties and play them off against each other. Right now, they are in a room somewhere laughing at how easy it all is to rig the system in their favour.
These political appointed asswipes know what suffering they inflict upon the "masses".
Kaufman, Paul, et. al. can write letters, talk logically, and expose the lies but
it is like spitting into the wind with these turds. They could care less. Until a Kaufman, Paul can be appointed into a high level position, nothing will change.
Sadly, the likes of those in the high level positon's in gov have sold their souls
to the machine!
take your marbles and go home by buying hard assets such as gold/silver to store your wealth instead of letting them (the banks) play with your hard earned money/wealth.
"An orderly resolution to a mega bank is an illusion."
I read this as, disorder and chaos is imminent. The mega banks must and will fail, and there is no bailing them out, one way or the other.
"The six largest US banks have estimated assets to be in excess of 63% of GDP."
Regulatory capture. Corruption much? Class/Corporate warfare is readily apparent to anyone with two eyes.
There is one and only one way a virtual/fiat currency can work.
A bank, a vividly transparent Peoples'/Congressional bank, must create and execute monetary policy for the good of the People. The bank breathes out debt/dollars on par with need + growth, and the interest taken on this debt is respent on government works and need; pouring back into the system. The only "taxes" ever rendered would temporary, and only to mop excess creation. This is the model set forth by our founding fathers.
If bankers are allowed to "profit" by interest, by controlling monetary policy and creation, then there is not/and never will be enough money in the system to satisfy all debts. This situation creates spiralling inflation, boom and bust, and vast wealth held by very few hands.
A People's bank should, and is, the only way to have a fiat debt backed system. Whether that is the best system available is up for debate, as government control is always dangerous, but that's another discussion entirely.
Speaking truth to power. nice. When's this coming election again?
I got money on some serious turnover.
Because Sen. Kaufman makes so much sense, he will be completely ignored.
This "reform" is yet another hollow Washington charade. The politicians view it as an huge fund-raising opportunity. They get to shake down Wall Street for protection money to use in what will be a grueling campaign this November.
Therefore, I predict there will be no bill until more donations are received - probably by June they will do something. And what they pass will be a joke - a sop to throw to the "sheeple".
The sad truth may be that we need these large banks to float all the goverment bonds we have to issue. If our primary dealers were foreigners, we would be even more terrified right now.
It will be easy for both sides to vote on a bill that changes nothing.
They will never, repeat never, do away with too big to fail. They're lying to your face each time they say it on TV (Dodd, Frank, Shelby).
They would fail the flinch test every single time. "Quick...Boeing says they'll need to file unless they receive temporary government assistance....What do we do, Senator?" Think we all know what the answer would be. TGI_TBTF.
The Dodd bill took out "audit the Fed" as well. Surprise surprise.
I knew it and said as much before, why else would Dudd be involved. Is he going to be a senior adviser at one of the Financial Institutions like Tony Blair went to JPM for 500,000 a yr. Hmm
It's not To Big To Fail, it's To Big To Jail: the corruption and regulatory capture is so rife in the banking/political arena of our system that each & every member has to cover the other's ass. Start putting them in jail and they'll all rollover with solutions for our regulatory logjam. Until the financial system is scared straight by enforced rule of law, they'll continue to thumb their nose at rules and do what comes naturally gaming the system.
Too Big to Jail ! HA! I like that ! Can't add anything at all, my sentiments ekzakly!
Fuck your democracy . A democracy is mob rule, a popularity contest. Democracy steals from my pocket and puts my wealth in yours. Democracy ends in applause with idiots like Bush or sociopaths like Clinton. A Democracy brought us Hitler.
A Constitutionally limited Republic prevents these things by design.
We started with the former but have piece by piece, bit by bit become the latter. Led by an alleged Constitution law professor, no less.
So, fuck your Democracy. I want the Constitution restored. A nation of laws, where freedom and liberty rule.
Oh... And to piss Marla off, hang the traitors, after a trial, of course.
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