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Watch Bernanke, Shapiro And Gensler Testify On The "Effectiveness" Of Dodd-Frank

Tyler Durden's picture





 

Those so inclined can watch the Chairsatan and other regulators testify on financial oversight on year after Dodd-Frank enactment. Dep. Treasury Sec. Wolin, SEC Chair Schapiro, CFTC Chair Gensler, FDIC Acting Chair Gruenberg, Acting OCC Comptroller Walsh will also testify.

From the Senate Banking Committee

Enhanced Oversight After the Financial Crisis: The Wall Street Reform Act at One Year:

The witnesses will be: The Honorable Neal S. Wolin, Deputy Secretary,
U.S. Department of the Treasury; The Honorable Ben Bernanke, Chairman,
Board of Governors of the Federal Reserve System; The Honorable Mary
Schapiro, Chairman, U.S. Securities and Exchange Commission; The
Honorable Gary Gensler, Chairman, Commodity Futures Trading Commission;
The Honorable Martin J. Gruenberg, Acting Chairman, Federal Deposit
Insurance Corporation; and Mr. John Walsh, Acting Comptroller of the
Currency, Office of the Comptroller of the Currency.

All hearings are webcasted live and Individuals with disabilities who
require an auxiliary aid or service, including closed captioning service
for webcast hearings, should contact the committee clerk at
202-224-7391 at least three business days in advance of the hearing
date.

 

Witnesses

Panel 1

  • Honorable Barney Frank

    Massachusetts

Panel 2

  • Honorable Neal S. Wolin

    Deputy Secretary

    U.S. Department of the Treasury

  • The Honorable Ben S. Bernanke

    Chairman

    Board of Governors of the Federal Reserve System

  • Honorable Mary Schapiro

    Chairman

    U.S. Securities and Exchange Commission

  • Honorable Gary Gensler

    Chairman

    U.S. Commodity Futures Trading Commission

  • Honorable Martin J. Gruenberg

    Acting Chairman

    Federal Deposit Insurance Corporation

  • Mr. John Walsh

    Acting Comptroller of the Currency

    Office of the Comptroller of the Currency

Watch it live on C-Span below:

 


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Thu, 07/21/2011 - 10:02 | Link to Comment Quintus
Quintus's picture

Meh.

Thu, 07/21/2011 - 11:01 | Link to Comment TruthInSunshine
Thu, 07/21/2011 - 11:23 | Link to Comment PlausibleDenial
PlausibleDenial's picture

http://www.gao.gov/new.items/d11696.pdf  Yes, and who is watching the chickens.... Just a little audit here.

Thu, 07/21/2011 - 10:07 | Link to Comment GetZeeGold
GetZeeGold's picture

 

Fwank is so big he's a panel unto himself.

Why isn't Walsh honorable.....what did he do?

 

Thu, 07/21/2011 - 10:13 | Link to Comment israhole
israhole's picture

He's a goy?

Thu, 07/21/2011 - 10:05 | Link to Comment markbark
markbark's picture

Calling that lineup of crooks "honorable" is the oxymoron of all time....

Thu, 07/21/2011 - 10:05 | Link to Comment nmewn
nmewn's picture

Witnesses: Barney Frank

Shouldn't that be defendant?

Thu, 07/21/2011 - 10:05 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

Market's up big!

Jobless claims terrible, Morgan Stanley loses 500 million on the quarter, another bailout of Greece!  America - FUCK YEAH!

Thu, 07/21/2011 - 10:15 | Link to Comment Dr. Engali
Dr. Engali's picture

I think they do this just to make logical thinkers go insane.

Thu, 07/21/2011 - 10:28 | Link to Comment Cursive
Cursive's picture

@Dr. Engali

I've seen a lot of weird shit the last 3 years, but this Morgan Stanley thing is completely FUBAR. Dick Bove called them the new Goldman Sachs.

Thu, 07/21/2011 - 10:54 | Link to Comment Dr. Engali
Dr. Engali's picture

Bove needs to retire. The only credibility he has is with the establishment and that is because he is a useful grandfatherly tool to fool the masses.

Thu, 07/21/2011 - 10:07 | Link to Comment digalert
digalert's picture

Are cream filled pie plates allowed at the hearing?

Thu, 07/21/2011 - 10:08 | Link to Comment dropdeadfed
dropdeadfed's picture

I'm sorry but is Johnson drunk or retarded?

Thu, 07/21/2011 - 11:30 | Link to Comment covsire
covsire's picture

He had a stroke and couldn't work for a year. like a good liberal though he's held on to his power with the typical satanic fervor you'd expect from a deranged leftist hellbent on a socialist revolution.

Thu, 07/21/2011 - 11:56 | Link to Comment dropdeadfed
dropdeadfed's picture

After reading your first sentence I, for a moment, felt like a complete ass.  The rest of your comment retracted my feelings for me, good times.  I say, let Switzerland manage our monetary policies from here on out.  Is ZH going to follow them any closer?  I heard somewhere they are working toward re-establishing a gold standard....

Thu, 07/21/2011 - 13:52 | Link to Comment sheeple2012
sheeple2012's picture

"Johnson returned to work in the Senate on September 5, 2007 to both tributes and standing ovations. It was reported that Democrats and Republicans alike had tears in their eyes during his first speech on the Senate floor.["

 

i'm getting choked up just reading about it... he really must be quite a guy?

 

Thu, 07/21/2011 - 15:58 | Link to Comment covsire
covsire's picture

It's all politics. You think a RINO will be caught dead not hailing Satan in a situation that the media could so easily confuse their disgust for the commie with contempt for stroke victims? Ps I love comparing socialists with the darklord.

Thu, 07/21/2011 - 10:08 | Link to Comment B-rock
B-rock's picture

I want Tim Johnson to say "Wascwy Wabbit"

Thu, 07/21/2011 - 10:12 | Link to Comment francis_sawyer
francis_sawyer's picture

can someboy draw a silent thought text bubble over the heads of those 4 photographers standing there that says ("I take fotos of Barney Frank - my life & job actually mean something")...

Thu, 07/21/2011 - 10:14 | Link to Comment Dr. Engali
Dr. Engali's picture

There is nothing honorable about any of that crew.

Thu, 07/21/2011 - 10:18 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

More like The Three Tools.

Thu, 07/21/2011 - 10:20 | Link to Comment lizzy36
lizzy36's picture

Thu, 07/21/2011 - 10:29 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Thu, 07/21/2011 - 11:02 | Link to Comment the not so migh...
the not so mighty maximiza's picture

i like it

Thu, 07/21/2011 - 12:38 | Link to Comment citta vritti
citta vritti's picture

to say nothing of her kid brother Freddie Mac

Thu, 07/21/2011 - 10:39 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

good one, Lizzy! perfect. also reminds me of "Dancing Queen" by who?  Abba? (aging myself here)

I'm guessing the junker was laughing so hard he/she wanted to post points for recognition

Thu, 07/21/2011 - 11:19 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The disco ball Fwank got to me.

I must concede.

It's so right for him, yet wrong for me, that there's true comedy in the friction.

Thu, 07/21/2011 - 10:18 | Link to Comment Syrin
Syrin's picture

The Chairsatan....   classic

Thu, 07/21/2011 - 10:22 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Instead of "Honorable", I think we should begin to refer to them as "Miserable"....

And now from Massachusetts, the "Miserable" Bawney Fwank.

Thu, 07/21/2011 - 10:23 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

The "honorable" Charles Manson will also testify.

 

"Am I crazy or is it hot in here".    Charles Manson

 

Tuco

Thu, 07/21/2011 - 10:25 | Link to Comment Clint Liquor
Clint Liquor's picture

I would rather watch dogs fuck.

Thu, 07/21/2011 - 10:34 | Link to Comment mudduck
mudduck's picture

Watching these guys reminds me of the old saying that goes something like; 'Spend your whole life working hard at your trade hoping to be recognized as a master of your craft, but suck one dick and you are guaranteed to always be recognized as a cocksucker.'

Thu, 07/21/2011 - 10:35 | Link to Comment Kokulakai
Kokulakai's picture

Flip Wilson, and Geraldine?

In the White House?

 

Bwwwwwaaaanie.

Thu, 07/21/2011 - 10:36 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

As to wisk wetentions I tink dey awe pwababwy da cathe dat my fwendth, fwom Wilbo Woth, an inbethto, to uba membethph ob finanth, do expethatwy adhewaw to da weguwathons.  As po dawibatibs, id muth be cweaw dat deaw ith no tathpyaw money.  And I wand do discuth Fannie May and Fweddie Mac, id wath a total admiwathun fo anyone to offol a memoowandim of any sord in da Houth ow Thenad.  Obama wond let them do id!  Obama is da debil!!!!  Da German, he wath athk by Obama to wait, and the no tine to wait, bud twy to aboid thith notun.

-The "Miserable" Bawney Fwank

Thu, 07/21/2011 - 10:37 | Link to Comment Samual Adams
Samual Adams's picture

Somebody needs to give Fwank the ol' Pie in the Face.  Like Murdoch got a couple days ago.

Infact we should all walk into the Capital Building and give them all Pies in the Face.

Thu, 07/21/2011 - 10:38 | Link to Comment SRV - ES339
SRV - ES339's picture

I can understand the ZH'r contempt for Mr Frank... he clearly understands the details of the legislation and isn't simply reading from 'canned' ideological (T Party) talking points (like Shelby)... Bernie 1 / Shelby 0...lol!

Thu, 07/21/2011 - 10:49 | Link to Comment jmc8888
jmc8888's picture

As effective as a broken condom.

Glass-Steagall

Thu, 07/21/2011 - 10:54 | Link to Comment Catullus
Catullus's picture

This legislation was very effective at quelling demands for "reform" and creating another useless agency called Consumer Protection which was the brainchild of an academic who literally had zero experience with money and probably couldnt create a P&L if her life depended on it. By quelling the demands for real reforms, it took away regulatory uncertainty from large financial institutions by allowing them to write the relevant statues that the bill authorized "regulation" of. You see, by authorizing regulating authority, we in congress don't actually have to debate anything or be held accountable for any specific statue created. Also, we can claim victory without anything having actually being implemented. These meetings on "effectiveness" are great to because it gives us the chance to pay ourselves on the back for nothing having actually changed.

Thu, 07/21/2011 - 10:54 | Link to Comment msnrochny
msnrochny's picture

Ummmm.....wouldn't it make a little more sense to ask the former banksters at the CFTC to actually implement what Dodd-Frank ordered them to do, and then see how successful it has been?

Thu, 07/21/2011 - 11:00 | Link to Comment SRV - ES339
SRV - ES339's picture

... he better get questioned on it!

Thu, 07/21/2011 - 10:54 | Link to Comment UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

According to this live feed, everything's going great so just get back to work boys & girls...

 

Thu, 07/21/2011 - 11:01 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

The Honorable Ben Bernanke,

 

Make me fucking puke...!!!

Honorable my ass.

Horable....yes

Honorable.....

Fuck that....

Thu, 07/21/2011 - 11:16 | Link to Comment GiantWang
GiantWang's picture

What is the point? Nothing is going to happen! The system should logically collapse and come to a grinding halt. Many of us probably realized that intuitively during our first lessons on bond finance and pricing. The problem is that economics is not like gravity. It is not certain, and nothing is unavoidable.  Economics requires the participation of resilient and dynamic human beings that will buy into anything, and no matter how bad it gets, we will continue participating until creating an alternative is less painful than participation.  We have a LONG way to go . . . . No matter how bad things get, people wake up and face their day--they get on with the business of living.  The "rules" of economics are ignored by the TPTB and altered just to keep the wheels turning for us--the reslient and brainwashed participants in the system.

In the U.S. we drive gas guzzling cars and pay almost $4.00 per gallon for gas.  Gas in the U.K. runs about $10 per gallon.  How much more will we tolerate?  A LOT.  There has been no revolution in the U.K., and there won't be one here in any form in the near future for the simple reason that most people are tuned out.  As long as people can drive to the store to buy food and they have cable television and access to the internet for reading Zero Hedge, nothing will change.

What does all this mean?  It means that it's not surprising at all that the market keeps going up.  It means that being short in this market, while the logical and reasonable choice, does not take advantage of herd psychology.  It means that even if we make fortunes being short, we ironically might not ever see that money or realize its benefits due to lack of liquidity or hyperinflation and the fact that we've been "right" about collapse.

I'll believe economic collapse is imminent when the military gets involved just to maintain the political status quo.

Thu, 07/21/2011 - 11:09 | Link to Comment PulauHantu29
PulauHantu29's picture

I am expecting to see the "Pelosi-Barney Frank, 2012" announcement anytime now.

Thu, 07/21/2011 - 11:11 | Link to Comment UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

Sounds like we have "bankers" supervising "bankers." Is that about it?

Thu, 07/21/2011 - 11:15 | Link to Comment UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

That Tim Johnson's a really sharp guy. He's just reading like a 3 year old for shits & giggles I would imagine.

Thu, 07/21/2011 - 12:25 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Just an FYI  b/c you clearly don't know, but he had a stroke and suffered brain damage.

There are many questions about why, how, who regarding the whethers of legislative service, but I'll leave that debate for others.

Thu, 07/21/2011 - 12:24 | Link to Comment wisefool
wisefool's picture

Loved the image at the start of the paused CSPAN video plug-in. Reporters with all their tools (cameras, microphones, etc)

I could just imagine those reporters in the below music video: Are you sure God did God's Work this way?

"Are you sure Hank (Williams, country singer) did it this way?"

Its the same old tune with fiddles and guitars, where do we take it from here? Rhinestone suits and new shiny cars, its been the same way for years

http://www.youtube.com/watch?v=hnEtRUcKGwc

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